{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,4,6]],"date-time":"2026-04-06T11:24:54Z","timestamp":1775474694208,"version":"3.50.1"},"reference-count":110,"publisher":"Walter de Gruyter GmbH","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"published-print":{"date-parts":[[2024,8,27]]},"abstract":"<jats:title>Abstract<\/jats:title>\n               <jats:p>This paper examines the impact of climate-induced natural disasters on inflation and economic growth using a large panel of countries from 1970 to 2020. Employing the local projection method, we analyze how various disasters affect these economic indicators, acknowledging that climate shocks can simultaneously stimulate and suppress demand and supply, leading to complex outcomes. Our findings indicate significant yet varied responses in inflation and GDP growth across different types of disasters and regions. Notably, the economic impact differs starkly between advanced economies and developing countries, influenced by each group\u2019s fiscal capacity and institutional strength to manage recovery. This contrast underscores the role of economic structure and fiscal health in shaping the resilience of nations to climate shocks, highlighting substantial disparities in the effects across income levels and economic conditions.<\/jats:p>","DOI":"10.1515\/roe-2024-0005","type":"journal-article","created":{"date-parts":[[2024,12,24]],"date-time":"2024-12-24T07:41:58Z","timestamp":1735026118000},"page":"109-138","source":"Crossref","is-referenced-by-count":12,"title":["Eye of the Storm: The Impact of Climate Shocks on Inflation and Growth"],"prefix":"10.1515","volume":"75","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-2373-2023","authenticated-orcid":false,"given":"Serhan","family":"Cevik","sequence":"first","affiliation":[{"name":"8385 International Monetary Fund , 700 19th Street, NW , Washington , 20431-0001 , DC , USA"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-7171-5076","authenticated-orcid":false,"given":"Joao","family":"Jalles","sequence":"additional","affiliation":[{"name":"University of Lisbon , Lisboa , Portugal"}]}],"member":"374","published-online":{"date-parts":[[2024,12,24]]},"reference":[{"key":"2024122407414547189_j_roe-2024-0005_ref_1133","doi-asserted-by":"crossref","unstructured":"Abiad, A., D. Furceri, and P. Topalova. 2016. \u201cThe Macroeconomic Effects of Public Investment: Evidence from Advanced Economies.\u201d Journal of Macroeconomics 50: 224\u201340.","DOI":"10.1016\/j.jmacro.2016.07.005"},{"key":"2024122407414547189_j_roe-2024-0005_ref_001","doi-asserted-by":"crossref","unstructured":"Acemoglu, D., S. Johnson, and J. Robinson. 2002. \u201cReversal of Fortune: Geography and Institutions in the Making of the Modern World Income Distribution.\u201d Quarterly Journal of Economics 117: 1231\u201394. https:\/\/doi.org\/10.1162\/003355302320935025.","DOI":"10.1162\/003355302320935025"},{"key":"2024122407414547189_j_roe-2024-0005_ref_002","doi-asserted-by":"crossref","unstructured":"Acevedo Mejia, S., M. Mrkaic, N. Novta, E. Pugacheva, and P. Topalova. 2018. \u201cThe Effects of Weather Shocks on Economic Activity: What Are the Channels of Impact?\u201d In IMF Working Paper No. 18\/144. Washington: International Monetary Fund.","DOI":"10.5089\/9781484363027.001"},{"key":"2024122407414547189_j_roe-2024-0005_ref_003","doi-asserted-by":"crossref","unstructured":"Aisen, A., and F. Veiga. 2006. \u201cDoes Political Instability Lead to Higher Inflation? A Panel Data Analysis.\u201d Journal of Money, Credit, and Banking 38: 1379\u201390. https:\/\/doi.org\/10.1353\/mcb.2006.0064.","DOI":"10.1353\/mcb.2006.0064"},{"key":"2024122407414547189_j_roe-2024-0005_ref_006","doi-asserted-by":"crossref","unstructured":"Akyapi, B., M. Bellon, and E. Massetti. 2022. \u201cEstimating Macro-Fiscal Effects of Climate Shocks from Billions of Geospatial Weather Observations.\u201d In IMF Working Paper No. 22\/156. Washington: International Monetary Fund.","DOI":"10.5089\/9798400217203.001"},{"key":"2024122407414547189_j_roe-2024-0005_ref_007","doi-asserted-by":"crossref","unstructured":"Alesina, A., and L. Summers. 1993. \u201cCentral Bank Independence and Macroeconomic Performance: Some Comparative Evidence.\u201d Journal of Money, Credit, and Banking 25: 151\u201362. https:\/\/doi.org\/10.2307\/2077833.","DOI":"10.2307\/2077833"},{"key":"2024122407414547189_j_roe-2024-0005_ref_010","doi-asserted-by":"crossref","unstructured":"Arnone, M., B. Laurens, and J. Segalotto. 2006. \u201cMeasures of Central Bank Autonomy: Empirical Evidence for OECD, Developing Countries, and Emerging Markets.\u201d In IMF Working Paper No. 06\/228. Washington: International Monetary Fund.","DOI":"10.5089\/9781451864885.001"},{"key":"2024122407414547189_j_roe-2024-0005_ref_511","doi-asserted-by":"crossref","unstructured":"Auerbach, A., and Y. Gorodnichenko. 2012. \u201cMeasuring the Output Responses to Fiscal Policy.\u201d American Economic Journal\u2013Economic Policy 4: 1\u201327.","DOI":"10.1257\/pol.4.2.1"},{"key":"2024122407414547189_j_roe-2024-0005_ref_011","doi-asserted-by":"crossref","unstructured":"Auerbach, A., and Y. Gorodnichenko. 2013. \u201cOutput Spillovers from Fiscal Policy.\u201d The American Economic Review 103: 141\u20136. https:\/\/doi.org\/10.1257\/aer.103.3.141.","DOI":"10.1257\/aer.103.3.141"},{"key":"2024122407414547189_j_roe-2024-0005_ref_012","doi-asserted-by":"crossref","unstructured":"Bachmann, R., and E. Sims. 2012. \u201cConfidence and the Transmission of Government Spending Shocks.\u201d Journal of Monetary Economics 59: 235\u201349. https:\/\/doi.org\/10.1016\/j.jmoneco.2012.02.005.","DOI":"10.1016\/j.jmoneco.2012.02.005"},{"key":"2024122407414547189_j_roe-2024-0005_ref_013","doi-asserted-by":"crossref","unstructured":"Badinger, H. 2009. \u201cGlobalization, the Output\u2013Inflation Tradeoff and Inflation.\u201d European Economic Review 53: 888\u2013907. https:\/\/doi.org\/10.1016\/j.euroecorev.2009.03.005.","DOI":"10.1016\/j.euroecorev.2009.03.005"},{"key":"2024122407414547189_j_roe-2024-0005_ref_014","doi-asserted-by":"crossref","unstructured":"Bansal, R., D. Kiku, and M. Ochoa. 2016. \u201cPrice of Long-Run Temperature Shifts in Capital Markets.\u201d In NBER Working Paper No.22529. Cambridge: National Bureau of Economic Research.","DOI":"10.3386\/w22529"},{"key":"2024122407414547189_j_roe-2024-0005_ref_015","doi-asserted-by":"crossref","unstructured":"Barro, R. 1991. \u201cEconomic Growth in a Cross-Section of Countries.\u201d Quarterly Journal of Economics 106: 407\u201343. https:\/\/doi.org\/10.2307\/2937943.","DOI":"10.2307\/2937943"},{"key":"2024122407414547189_j_roe-2024-0005_ref_016","unstructured":"Barro, R. 2003. \u201cDeterminants of Economic Growth in a Panel of Countries.\u201d Annals of Economics and Finance 4: 231\u201374."},{"key":"2024122407414547189_j_roe-2024-0005_ref_017","doi-asserted-by":"crossref","unstructured":"Barro, R., and D. Gordon. 1993. \u201cRules, Discretion and Reputation in a Model of Monetary Policy.\u201d Journal of Monetary Economics 12: 101\u201321. https:\/\/doi.org\/10.1016\/0304-3932(83)90051-x.","DOI":"10.1016\/0304-3932(83)90051-X"},{"key":"2024122407414547189_j_roe-2024-0005_ref_018","doi-asserted-by":"crossref","unstructured":"Barro, R., and X. Sala-i-Martin. 1992. \u201cPublic Finance in Models of Economic Growth.\u201d The Review of Economic Studies 59: 645\u201361. https:\/\/doi.org\/10.2307\/2297991.","DOI":"10.2307\/2297991"},{"key":"2024122407414547189_j_roe-2024-0005_ref_020","doi-asserted-by":"crossref","unstructured":"Berlemann, M., and D. Wenzel. 2018. \u201cHurricanes, Economic Growth and Transmission Channels: Empirical Evidence for Countries on Differing Levels of Development.\u201d World Development 105: 231\u201347. https:\/\/doi.org\/10.1016\/j.worlddev.2017.12.020.","DOI":"10.1016\/j.worlddev.2017.12.020"},{"key":"2024122407414547189_j_roe-2024-0005_ref_021","doi-asserted-by":"crossref","unstructured":"Bernstein, A., M. Gustafson, and R. Lewis. 2019. \u201cDisaster on the Horizon: The Price Effect of Sea Level Rise.\u201d Journal of Financial Economics 134: 253\u201372. https:\/\/doi.org\/10.1016\/j.jfineco.2019.03.013.","DOI":"10.1016\/j.jfineco.2019.03.013"},{"key":"2024122407414547189_j_roe-2024-0005_ref_022","doi-asserted-by":"crossref","unstructured":"Binici, M., S. Centorrino, S. Cevik, and G. Gwon. 2022. \u201cHere Comes the Change: The Role of Global and Domestic Factors in Post-Pandemic Inflation in Europe.\u201d In IMF Working Paper No. 22\/241. Washington: International Monetary Fund.","DOI":"10.5089\/9798400225789.001"},{"key":"2024122407414547189_j_roe-2024-0005_ref_025","doi-asserted-by":"crossref","unstructured":"Botzen, W., O. Deschenes, and M. Sanders. 2019. \u201cThe Economic Impacts of Natural Disasters: A Review of Models and Empirical Studies.\u201d Review of Environmental Economics and Policy 13 (2): 167\u201388. https:\/\/doi.org\/10.1093\/reep\/rez004.","DOI":"10.1093\/reep\/rez004"},{"key":"2024122407414547189_j_roe-2024-0005_ref_026","doi-asserted-by":"crossref","unstructured":"Brumm, H. 2006. \u201cThe Effect of Central Bank Independence on Inflation in Developing Countries.\u201d Economics Letters 90: 189\u201393. https:\/\/doi.org\/10.1016\/j.econlet.2005.07.025.","DOI":"10.1016\/j.econlet.2005.07.025"},{"key":"2024122407414547189_j_roe-2024-0005_ref_028","unstructured":"Burgess, R., O. Deschenes, D. Donaldson, and M. Greenstone. 2017. \u201cClimate Change and Prices: Evidence from India.\u201d Quarterly Journal of Economics 132 (2): 713\u201350."},{"key":"2024122407414547189_j_roe-2024-0005_ref_029","doi-asserted-by":"crossref","unstructured":"Burke, M., and V. Tanutama, 2019, \u201cClimatic Constraints on Aggregate Economic Output.\u201d In NBER Working Paper No. 25779. Cambridge: National Bureau of Economic Research.","DOI":"10.3386\/w25779"},{"key":"2024122407414547189_j_roe-2024-0005_ref_030","doi-asserted-by":"crossref","unstructured":"Burke, M., S. Hsiang, and E. Miguel. 2015. \u201cGlobal Nonlinear Effect of Temperature on Economic Production.\u201d Nature 527: 235\u20139. https:\/\/doi.org\/10.1038\/nature15725.","DOI":"10.1038\/nature15725"},{"key":"2024122407414547189_j_roe-2024-0005_ref_032","doi-asserted-by":"crossref","unstructured":"Burnside, C., and D. Dollar. 2000. \u201cAid, Policies, and Growth.\u201d The American Economic Review 90: 847\u201368. https:\/\/doi.org\/10.1257\/aer.90.4.847.","DOI":"10.1257\/aer.90.4.847"},{"key":"2024122407414547189_j_roe-2024-0005_ref_033","doi-asserted-by":"crossref","unstructured":"Campillo, M., and J. Miron. 1997. \u201cWhy Does Inflation Differ across Countries?\u201d In NBER Working Paper No. 5540. Cambridge: National Bureau of Economic Research.","DOI":"10.3386\/w5540"},{"key":"2024122407414547189_j_roe-2024-0005_ref_034","doi-asserted-by":"crossref","unstructured":"Catao, L., and M. Terrones. 2005. \u201cFiscal Deficits and Inflation.\u201d Journal of Monetary Economics 52: 529\u201354. https:\/\/doi.org\/10.1016\/j.jmoneco.2004.06.003.","DOI":"10.1016\/j.jmoneco.2004.06.003"},{"key":"2024122407414547189_j_roe-2024-0005_ref_035","doi-asserted-by":"crossref","unstructured":"Cavallo, E., and I. Noy. 2011. \u201cNatural Disasters and the Economy: A Survey.\u201d International Review of Environmental and Resource Economics 5 (1): 63\u2013102. https:\/\/doi.org\/10.1561\/101.00000039.","DOI":"10.1561\/101.00000039"},{"key":"2024122407414547189_j_roe-2024-0005_ref_037","doi-asserted-by":"crossref","unstructured":"Cevik, S., and J. Jalles. 2020. \u201cFeeling the Heat: Climate Shocks and Credit Ratings.\u201d In IMF Working Paper No. 20\/286. Washington: International Monetary Fund.","DOI":"10.5089\/9781513564548.001"},{"key":"2024122407414547189_j_roe-2024-0005_ref_038","doi-asserted-by":"crossref","unstructured":"Cevik, S., and J. Jalles. 2021. \u201cAn Apocalypse Foretold: Climate Shocks and Sovereign Defaults.\u201d Open Economies Review 3: 89\u2013108. https:\/\/doi.org\/10.1007\/s11079-021-09624-8.","DOI":"10.1007\/s11079-021-09624-8"},{"key":"2024122407414547189_j_roe-2024-0005_ref_039","doi-asserted-by":"crossref","unstructured":"Cevik, S., and J. Jalles. 2022. \u201cThis Changes Everything: Climate Shocks and Sovereign Bonds.\u201d Energy Economics 107: 105856. https:\/\/doi.org\/10.1016\/j.eneco.2022.105856.","DOI":"10.1016\/j.eneco.2022.105856"},{"key":"2024122407414547189_j_roe-2024-0005_ref_040","doi-asserted-by":"crossref","unstructured":"Cevik, S., and J. Jalles. 2023. \u201cFor Whom the Bell Tolls: Climate Change and Income Inequality.\u201d Energy Policy 174: 113475. https:\/\/doi.org\/10.1016\/j.enpol.2023.113475.","DOI":"10.1016\/j.enpol.2023.113475"},{"key":"2024122407414547189_j_roe-2024-0005_ref_041","doi-asserted-by":"crossref","unstructured":"Cevik, S., and T. Zhu. 2020. \u201cTrinity Strikes Back: Monetary Independence and Inflation in the Caribbean.\u201d Journal of International Development 32: 375\u201388. https:\/\/doi.org\/10.1002\/jid.3457.","DOI":"10.1002\/jid.3457"},{"key":"2024122407414547189_j_roe-2024-0005_ref_043","doi-asserted-by":"crossref","unstructured":"Chinn, M., and H. Ito. 2006. \u201cWhat Matters for Financial Development? Capital Controls, Institutions, and Interactions.\u201d Journal of Development Economics 81: 163\u201392. https:\/\/doi.org\/10.1016\/j.jdeveco.2005.05.010.","DOI":"10.1016\/j.jdeveco.2005.05.010"},{"key":"2024122407414547189_j_roe-2024-0005_ref_044","doi-asserted-by":"crossref","unstructured":"Ciccone, A., and M. Jarocinski. 2010. \u201cDeterminants of Economic Growth: Will Data Tell?\u201d American Economic Journal: Macroeconomics 2: 222\u201346. https:\/\/doi.org\/10.1257\/mac.2.4.222.","DOI":"10.1257\/mac.2.4.222"},{"key":"2024122407414547189_j_roe-2024-0005_ref_045","doi-asserted-by":"crossref","unstructured":"Clark, T., and M. McCracken. 2006. \u201cThe Predictive Content of the Output Gap for Inflation: Resolving In-Sample and Out-Of-Sample Evidence.\u201d Journal of Money, Credit, and Banking 38: 1127\u201348. https:\/\/doi.org\/10.1353\/mcb.2006.0068.","DOI":"10.1353\/mcb.2006.0068"},{"key":"2024122407414547189_j_roe-2024-0005_ref_046","unstructured":"Cline, W. 1992. The Economics of Global Warming. New York: New York University Press."},{"key":"2024122407414547189_j_roe-2024-0005_ref_047","doi-asserted-by":"crossref","unstructured":"Cottarelli, C., M. Griffiths, and R. Moghadam, 1998, \u201cThe Non-monetary Determinants of Inflation: A Panel Data Study,\u201d In IMF Working Paper No. 98\/23. Washington: International Monetary Fund.","DOI":"10.5089\/9781451844016.001"},{"key":"2024122407414547189_j_roe-2024-0005_ref_1134","doi-asserted-by":"crossref","unstructured":"Cuaresma, J. 2010. \u201cNatural Disasters and Human Capital Accumulation.\u201d The World Bank Economic Review 24: 280\u2013302.","DOI":"10.1093\/wber\/lhq008"},{"key":"2024122407414547189_j_roe-2024-0005_ref_048","doi-asserted-by":"crossref","unstructured":"Cukierman, A. 1992. Central Bank Strategy, Credibility, and Independence: Theory and Evidence. Cambridge: The MIT Press.","DOI":"10.1515\/jeeh-1992-0410"},{"key":"2024122407414547189_j_roe-2024-0005_ref_049","doi-asserted-by":"crossref","unstructured":"Cukierman, A., and F. Lippi. 1999. \u201cCentral Bank Independence, Centralization of Wage Bargaining, Inflation and Unemployment: Theory and Some Evidence.\u201d European Economic Review 43: 1395\u2013434. https:\/\/doi.org\/10.1016\/s0014-2921(98)00128-7.","DOI":"10.1016\/S0014-2921(98)00128-7"},{"key":"2024122407414547189_j_roe-2024-0005_ref_050","doi-asserted-by":"crossref","unstructured":"Cukierman, A., S. Webb, and B. Neyapti. 1992. \u201cMeasuring the Independence of Central Banks and its Effect on Policy Outcomes.\u201d The World Bank Economic Review 6: 353\u201398.","DOI":"10.1093\/wber\/6.3.353"},{"key":"2024122407414547189_j_roe-2024-0005_ref_051","doi-asserted-by":"crossref","unstructured":"De Winne, J., and G. Peersman. 2018. \u201cAgricultural Price Shocks and Business Cycles: A Global Warning for Advanced Economies.\u201d In Ghent University Working Paper No. 18\/945. Ghent: Ghent University.","DOI":"10.2139\/ssrn.3207129"},{"key":"2024122407414547189_j_roe-2024-0005_ref_052","doi-asserted-by":"crossref","unstructured":"De Winne, J., and G. Peersman. 2021. \u201cThe Adverse Consequences of Global Harvest and Weather Disruptions on Economic Activity.\u201d Nature Climate Change 11: 665\u201372. https:\/\/doi.org\/10.1038\/s41558-021-01102-w.","DOI":"10.1038\/s41558-021-01102-w"},{"key":"2024122407414547189_j_roe-2024-0005_ref_053","doi-asserted-by":"crossref","unstructured":"Dell, M., B. Jones, and B. Olken. 2012. \u201cTemperature Shocks and Economic Growth: Evidence from the Last Half Century.\u201d American Economic Journal: Macroeconomics 4: 66\u201395. https:\/\/doi.org\/10.1257\/mac.4.3.66.","DOI":"10.1257\/mac.4.3.66"},{"key":"2024122407414547189_j_roe-2024-0005_ref_054","doi-asserted-by":"crossref","unstructured":"Driscoll, J., and A. Kraay. 1998. \u201cConsistent Covariance Matrix Estimation with Spatially Dependent Panel Data.\u201d The Review of Economics and Statistics 80: 549\u201360. https:\/\/doi.org\/10.1162\/003465398557825.","DOI":"10.1162\/003465398557825"},{"key":"2024122407414547189_j_roe-2024-0005_ref_055","doi-asserted-by":"crossref","unstructured":"Easterly, W., and R. Levine. 1997. \u201cAfrica\u2019s Growth Tragedy: Policies and Ethnic Divisions.\u201d Quarterly Journal of Economics 112: 1203\u201350. https:\/\/doi.org\/10.1162\/003355300555466.","DOI":"10.1162\/003355300555466"},{"key":"2024122407414547189_j_roe-2024-0005_ref_056","doi-asserted-by":"crossref","unstructured":"Easterly, W., and S. Rebelo. 1993. \u201cFiscal Policy and Economic Growth: An Empirical Investigation.\u201d Journal of Monetary Economics 32: 417\u201358. https:\/\/doi.org\/10.1016\/0304-3932(93)90025-b.","DOI":"10.1016\/0304-3932(93)90025-B"},{"key":"2024122407414547189_j_roe-2024-0005_ref_057","unstructured":"Easterly, W., and D. Wetzel. 1989. \u201cPolicy Determinants of Growth: Survey of Theory and Evidence.\u201d In Policy, Planning and Research Working Papers No. 343. Washington: World Bank."},{"key":"2024122407414547189_j_roe-2024-0005_ref_058","doi-asserted-by":"crossref","unstructured":"Faccia, D., M. Parker, and L. Stracca. 2021. \u201cFeeling the Heat: Extreme Temperatures and Price Stability.\u201d In ECB Working Paper No. 2626. Frankfurt: European Central Bank.","DOI":"10.2139\/ssrn.3981219"},{"key":"2024122407414547189_j_roe-2024-0005_ref_059","doi-asserted-by":"crossref","unstructured":"Felbermayr, G., and J. Gr\u00f6schl. 2014. \u201cNaturally Negative: The Growth Effects of Natural Disasters.\u201d Journal of Development Economics 111: 92\u2013106. https:\/\/doi.org\/10.1016\/j.jdeveco.2014.07.004.","DOI":"10.1016\/j.jdeveco.2014.07.004"},{"key":"2024122407414547189_j_roe-2024-0005_ref_061","doi-asserted-by":"crossref","unstructured":"Gal\u0131\u0301, J., and M. Gertler. 1999. \u201cInflation Dynamics: A Structural Econometric Analysis.\u201d Journal of Monetary Economics 44: 195\u2013222. https:\/\/doi.org\/10.1016\/s0304-3932(99)00023-9.","DOI":"10.1016\/S0304-3932(99)00023-9"},{"key":"2024122407414547189_j_roe-2024-0005_ref_062","doi-asserted-by":"crossref","unstructured":"Gallup, J., J. Sachs, and A. Mellinger. 1999. \u201cGeography and Economic Development.\u201d International Regional Science Review 22: 179\u2013232. https:\/\/doi.org\/10.1177\/016001799761012334.","DOI":"10.1177\/016001799761012334"},{"key":"2024122407414547189_j_roe-2024-0005_ref_1135","doi-asserted-by":"crossref","unstructured":"Gassebner, M., A. Keck, and R. Teh. 2010. \u201cShaken, Not Stirred: The Impact of Disasters on International Trade.\u201d Review of International Economics 18: 351\u201368.","DOI":"10.1111\/j.1467-9396.2010.00868.x"},{"key":"2024122407414547189_j_roe-2024-0005_ref_064","doi-asserted-by":"crossref","unstructured":"Giordano, R., S. Momigliano, S. Neri, and R. Perotti. 2007. \u201cThe Effects of Fiscal Policy in Italy: Evidence from a VAR Model.\u201d European Journal of Political Economy 23: 707\u201333. https:\/\/doi.org\/10.1016\/j.ejpoleco.2006.10.005.","DOI":"10.1016\/j.ejpoleco.2006.10.005"},{"key":"2024122407414547189_j_roe-2024-0005_ref_1130","doi-asserted-by":"crossref","unstructured":"Granger, C., and T. Ter\u00e4svirta. 1993. Modelling Nonlinear Relationships. New York: Oxford University Press.","DOI":"10.1093\/oso\/9780198773191.001.0001"},{"key":"2024122407414547189_j_roe-2024-0005_ref_065","doi-asserted-by":"crossref","unstructured":"Gruben, W., and D. McLeod. 2002. \u201cCapital Account Liberalization and Inflation.\u201d Economic Letters 77: 221\u20135. https:\/\/doi.org\/10.1016\/s0165-1765(02)00137-4.","DOI":"10.1016\/S0165-1765(02)00137-4"},{"key":"2024122407414547189_j_roe-2024-0005_ref_066","doi-asserted-by":"crossref","unstructured":"Gupta, A. 2008. \u201cDoes Capital Account Openness Lower Inflation.\u201d International Economic Journal 22: 471\u201387. https:\/\/doi.org\/10.1080\/10168730802497551.","DOI":"10.1080\/10168730802497551"},{"key":"2024122407414547189_j_roe-2024-0005_ref_068","doi-asserted-by":"crossref","unstructured":"Ha, J., A. Kose, and F. Ohnsorge. 2021. \u201cOne-Stop Source: A Global Database of Inflation.\u201d In WB Policy Research Working Paper No. 9737. Washington: World Bank.","DOI":"10.1596\/1813-9450-9737"},{"key":"2024122407414547189_j_roe-2024-0005_ref_069","doi-asserted-by":"crossref","unstructured":"Hallegatte, S., J. Rentschler, and B. Walsh. 2018. Building Back Better: Achieving Resilience through Stronger, Faster, and More Inclusive Post-Disaster Reconstruction. Washington: World Bank.","DOI":"10.1596\/29867"},{"key":"2024122407414547189_j_roe-2024-0005_ref_070","doi-asserted-by":"crossref","unstructured":"Hamilton, J. 2018. \u201cWhy You Should Never Use the Hodrick-Prescott Filter.\u201d The Review of Economics and Statistics 100 (5): 831\u201343. https:\/\/doi.org\/10.1162\/rest_a_00706.","DOI":"10.1162\/rest_a_00706"},{"key":"2024122407414547189_j_roe-2024-0005_ref_072","doi-asserted-by":"crossref","unstructured":"Heinen, A., J. Khadan, and E. Strobl. 2019. \u201cThe Price Impact of Extreme Weather in Developing Countries.\u201d Economic Journal 129: 1327\u201342. https:\/\/doi.org\/10.1111\/ecoj.12581.","DOI":"10.1111\/ecoj.12581"},{"key":"2024122407414547189_j_roe-2024-0005_ref_075","doi-asserted-by":"crossref","unstructured":"Husain, A., A. Mody, and K. Rogoff. 2005. \u201cExchange Rate Regime Durability and Performance in Developing versus Advanced Economies.\u201d Journal of Monetary Economics 52: 35\u201364. https:\/\/doi.org\/10.1016\/j.jmoneco.2004.07.001.","DOI":"10.1016\/j.jmoneco.2004.07.001"},{"key":"2024122407414547189_j_roe-2024-0005_ref_078","doi-asserted-by":"crossref","unstructured":"Intergovernmental Panel on Climate Change (IPCC). 2007. Fourth Assessment Report, Intergovernmental Panel on Climate Change. New York: Cambridge University Press.","DOI":"10.1017\/CBO9780511546013"},{"key":"2024122407414547189_j_roe-2024-0005_ref_079","doi-asserted-by":"crossref","unstructured":"Intergovernmental Panel on Climate Change (IPCC). 2014. Climate Change in 2014: Mitigation of Climate Change. Working Group III Contribution to the Fifth Assessment Report of the Intergovernmental Panel on Climate Change. New York: Cambridge University Press.","DOI":"10.1017\/CBO9781107415416"},{"key":"2024122407414547189_j_roe-2024-0005_ref_1128","unstructured":"Intergovernmental Panel on Climate Change (IPCC). 2019. IPCC Special Report on the Ocean and Cryosphere in a Changing Climate, edited by H.-O. P\u00f6rtner, D. Roberts, V. Masson-Delmotte, P. Zhai, M. Tignor, E. Poloczanska, K. Mintenbeck, et al.. New York: Cambridge University Press."},{"key":"2024122407414547189_j_roe-2024-0005_ref_080","unstructured":"Intergovernmental Panel on Climate Change (IPCC). 2021. Climate Change 2021: The Physical Science Basis. Contribution of Working Group I to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change, edited by V. Masson-Delmotte, V., P. Zhai, A. Pirani, S. L. Connors, C. P\u00e9an, S. Berger, N. Caud,et al. New York: Cambridge University Press."},{"key":"2024122407414547189_j_roe-2024-0005_ref_081","unstructured":"International Monetary Fund. 2020. \u201cPhysical Risk and Equity Prices.\u201d In Global Financial Stability Report. Washington: International Monetary Fund. Chapter 5."},{"key":"2024122407414547189_j_roe-2024-0005_ref_082","doi-asserted-by":"crossref","unstructured":"Islam, N. 1995. \u201cGrowth Empirics: A Panel Data Approach.\u201d Quarterly Journal of Economics 110: 1127\u201370. https:\/\/doi.org\/10.2307\/2946651.","DOI":"10.2307\/2946651"},{"key":"2024122407414547189_j_roe-2024-0005_ref_083","doi-asserted-by":"crossref","unstructured":"Jeenas, P. 2018. Monetary Policy Shocks, Financial Structure, and Firm Activity: A Panel Approach. Barcelona: Department of Economics and Business Working Paper.","DOI":"10.2139\/ssrn.3043579"},{"key":"2024122407414547189_j_roe-2024-0005_ref_084","doi-asserted-by":"crossref","unstructured":"Jord\u00e0, O. 2005. \u201cEstimation and Inference of Impulse Responses by Local Projections.\u201d The American Economic Review 95: 161\u201382. https:\/\/doi.org\/10.1257\/0002828053828518.","DOI":"10.1257\/0002828053828518"},{"key":"2024122407414547189_j_roe-2024-0005_ref_085","doi-asserted-by":"crossref","unstructured":"Jord\u00e0, O., and A. Taylor. 2016. \u201cEstimation and Inference of Impulse Responses by Local Projections.\u201d Economic Journal 126: 219\u201355.","DOI":"10.1111\/ecoj.12332"},{"key":"2024122407414547189_j_roe-2024-0005_ref_086","doi-asserted-by":"crossref","unstructured":"Kabundi, A., M. Mlachila, and J. Yao. 2022. \u201cHow Persistent Are Climate-Related Price Shocks? Implications for Monetary Policy,\u201d IMF Working Paper No. 22\/207. Washington: International Monetary Fund.","DOI":"10.5089\/9798400223556.001"},{"key":"2024122407414547189_j_roe-2024-0005_ref_087","doi-asserted-by":"crossref","unstructured":"Kahn, M., K. Mohaddes, R. Ng, M. Pesaran, M. Raissi, and J-C. Yang. 2021. \u201cLong-Term Macroeconomic Effects of Climate Change: A Cross-Country Analysis.\u201d Energy Economics: 105624. https:\/\/doi.org\/10.1016\/j.eneco.2021.105624.","DOI":"10.1016\/j.eneco.2021.105624"},{"key":"2024122407414547189_j_roe-2024-0005_ref_088","doi-asserted-by":"crossref","unstructured":"King, R., and R. Levine. 1993. \u201cFinance, Entrepreneurship, and Growth: Theory and Evidence.\u201d Journal of Monetary Economics 32: 513\u201342. https:\/\/doi.org\/10.1016\/0304-3932(93)90028-e.","DOI":"10.1016\/0304-3932(93)90028-E"},{"key":"2024122407414547189_j_roe-2024-0005_ref_089","doi-asserted-by":"crossref","unstructured":"Knack, S., and P. Keefer. 1995. \u201cInstitutions and Economic Performance: Cross-Country Tests Using Alternative Institutional Measures.\u201d Economics & Politics 7: 207\u201327. https:\/\/doi.org\/10.1111\/j.1468-0343.1995.tb00111.x.","DOI":"10.1111\/j.1468-0343.1995.tb00111.x"},{"key":"2024122407414547189_j_roe-2024-0005_ref_090","doi-asserted-by":"crossref","unstructured":"Kydland, F., and E. Prescott. 1977. \u201cRules rather than Discretion: The Inconsistency of Optimal Plans.\u201d Journal of Political Economy 85: 473\u201392. https:\/\/doi.org\/10.1086\/260580.","DOI":"10.1086\/260580"},{"key":"2024122407414547189_j_roe-2024-0005_ref_091","doi-asserted-by":"crossref","unstructured":"Lane, P. 1997. \u201cInflation in Open Economies.\u201d Journal of International Economics 42: 327\u201347. https:\/\/doi.org\/10.1016\/s0022-1996(96)01442-0.","DOI":"10.1016\/S0022-1996(96)01442-0"},{"key":"2024122407414547189_j_roe-2024-0005_ref_092","doi-asserted-by":"crossref","unstructured":"Levy Yeyati, E., and F. Sturzenegger. 2001. \u201cExchange Rate Regimes and Economic Performance.\u201d IMF Staff Papers 47: 62\u201398.","DOI":"10.2139\/ssrn.263826"},{"key":"2024122407414547189_j_roe-2024-0005_ref_1136","doi-asserted-by":"crossref","unstructured":"Loayza, N. V., E. Olaberria, J. Rigolini, and L. Christiaensen. 2012. \u201cNatural Disasters and Growth: Going Beyond the Averages.\u201d World Development 40: 1317\u201336.","DOI":"10.1016\/j.worlddev.2012.03.002"},{"key":"2024122407414547189_j_roe-2024-0005_ref_093","doi-asserted-by":"crossref","unstructured":"Loungani, P., and N. Sheets. 1997. \u201cCentral Bank Independence, Inflation and Growth in Transition Economies.\u201d Journal of Money, Credit, and Banking 29: 381\u201399. https:\/\/doi.org\/10.2307\/2953701.","DOI":"10.2307\/2953701"},{"key":"2024122407414547189_j_roe-2024-0005_ref_094","doi-asserted-by":"crossref","unstructured":"Lucas, R. 1988. \u201cOn the Mechanics of Economic Development.\u201d Journal of Monetary Economics 2: 3\u201342. https:\/\/doi.org\/10.1016\/0304-3932(88)90168-7.","DOI":"10.1016\/0304-3932(88)90168-7"},{"key":"2024122407414547189_j_roe-2024-0005_ref_095","doi-asserted-by":"crossref","unstructured":"Mankiw, G., D. Romer, and D. Weil. 1992. \u201cA Contribution to the Empirics of Economic Growth.\u201d Quarterly Journal of Economics 107: 407\u201337. https:\/\/doi.org\/10.2307\/2118477.","DOI":"10.2307\/2118477"},{"key":"2024122407414547189_j_roe-2024-0005_ref_097","doi-asserted-by":"crossref","unstructured":"Nordhaus, W. 1991. \u201cTo Slow or Not to Slow: The Economics of the Greenhouse Effect.\u201d Economic Journal 101: 920\u201337. https:\/\/doi.org\/10.2307\/2233864.","DOI":"10.2307\/2233864"},{"key":"2024122407414547189_j_roe-2024-0005_ref_098","doi-asserted-by":"crossref","unstructured":"Nordhaus, W. 1992. \u201cAn Optimal Transition Path for Controlling Greenhouse Gases.\u201d Science 258: 1315\u20139. https:\/\/doi.org\/10.1126\/science.258.5086.1315.","DOI":"10.1126\/science.258.5086.1315"},{"key":"2024122407414547189_j_roe-2024-0005_ref_099","doi-asserted-by":"crossref","unstructured":"Nordhaus, W. 2006. \u201cGeography and Macroeconomics: New Data and New Findings.\u201d Proceedings of the National Academy of Sciences of the United States of America 103: 3510\u20137. https:\/\/doi.org\/10.1073\/pnas.0509842103.","DOI":"10.1073\/pnas.0509842103"},{"key":"2024122407414547189_j_roe-2024-0005_ref_100","doi-asserted-by":"crossref","unstructured":"Noy, I. 2009. \u201cThe Macroeconomic Consequences of Disasters.\u201d Journal of Development Economics 88: 221\u201331. https:\/\/doi.org\/10.1016\/j.jdeveco.2008.02.005.","DOI":"10.1016\/j.jdeveco.2008.02.005"},{"key":"2024122407414547189_j_roe-2024-0005_ref_103","doi-asserted-by":"crossref","unstructured":"Painter, M. 2020. \u201cAn Inconvenient Cost: The Effects of Climate Change on Municipal Bonds.\u201d Journal of Financial Economics 135: 468\u201382. https:\/\/doi.org\/10.1016\/j.jfineco.2019.06.006.","DOI":"10.1016\/j.jfineco.2019.06.006"},{"key":"2024122407414547189_j_roe-2024-0005_ref_104","doi-asserted-by":"crossref","unstructured":"Parker, M. 2018. \u201cThe Impact of Disasters on Inflation.\u201d Economics of Disasters and Climate Change 2: 21\u201348. https:\/\/doi.org\/10.1007\/s41885-017-0017-y.","DOI":"10.1007\/s41885-017-0017-y"},{"key":"2024122407414547189_j_roe-2024-0005_ref_105","doi-asserted-by":"crossref","unstructured":"Posen, A. 1998. \u201cCentral Bank Independence and Disinflation Credibility: A Missing Link?\u201d Oxford Economic Papers 50: 335\u201359. https:\/\/doi.org\/10.1093\/oxfordjournals.oep.a028650.","DOI":"10.1093\/oxfordjournals.oep.a028650"},{"key":"2024122407414547189_j_roe-2024-0005_ref_106","doi-asserted-by":"crossref","unstructured":"Raddatz, C. 2009. \u201cThe Wrath of God: Macroeconomic Costs of Natural Disasters.\u201d In Policy Research Working Paper No. 5039. Washington: World Bank.","DOI":"10.1596\/1813-9450-5039"},{"key":"2024122407414547189_j_roe-2024-0005_ref_107","doi-asserted-by":"crossref","unstructured":"Ramey, V., and S. Zubairy. 2018. \u201cGovernment Spending Multipliers in Good Times and in Bad: Evidence from US Historical Data.\u201d Journal of Political Economy 126: 850\u2013901. https:\/\/doi.org\/10.1086\/696277.","DOI":"10.1086\/696277"},{"key":"2024122407414547189_j_roe-2024-0005_ref_108","doi-asserted-by":"crossref","unstructured":"Rasmussen, T. 2004. \u201cMacroeconomic Implications of Natural Disasters in the Caribbean.\u201d In IMF Working Paper No. 04\/224. Washington: International Monetary Fund.","DOI":"10.5089\/9781451875355.001"},{"key":"2024122407414547189_j_roe-2024-0005_ref_111","doi-asserted-by":"crossref","unstructured":"Rogoff, K. 1985. \u201cThe Optimal Degree of Commitment to an Intermediate Monetary Target.\u201d Quarterly Journal of Economics 100: 1169\u201389. https:\/\/doi.org\/10.2307\/1885679.","DOI":"10.2307\/1885679"},{"key":"2024122407414547189_j_roe-2024-0005_ref_113","doi-asserted-by":"crossref","unstructured":"Romer, D. 1993. \u201cOpenness and Inflation: Theory and Evidence.\u201d Quarterly Journal of Economics 108: 869\u2013903. https:\/\/doi.org\/10.2307\/2118453.","DOI":"10.2307\/2118453"},{"key":"2024122407414547189_j_roe-2024-0005_ref_114","doi-asserted-by":"crossref","unstructured":"Romer, P. 1986. \u201cIncreasing Returns and Long-Run Growth.\u201d Journal of Political Economy 94: 1002\u201337. https:\/\/doi.org\/10.1086\/261420.","DOI":"10.1086\/261420"},{"key":"2024122407414547189_j_roe-2024-0005_ref_115","doi-asserted-by":"crossref","unstructured":"Romer, P. 1990. \u201cEndogenous Technological Change.\u201d Journal of Political Economy 98: S71\u2013S102. https:\/\/doi.org\/10.1086\/261725.","DOI":"10.1086\/261725"},{"key":"2024122407414547189_j_roe-2024-0005_ref_116","doi-asserted-by":"crossref","unstructured":"Romer, C., and D. Romer. 2010. \u201cThe Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks.\u201d The American Economic Review 100: 763\u2013801. https:\/\/doi.org\/10.1257\/aer.100.3.763.","DOI":"10.1257\/aer.100.3.763"},{"key":"2024122407414547189_j_roe-2024-0005_ref_1129","doi-asserted-by":"crossref","unstructured":"Romer, C., and D. Romer. 2019. \u201cFiscal Space and the Aftermath of Financial Crises: How It Matters and Why.\u201d In NBER Working Paper No. 25768. Cambridge: National Bureau of Economic Research.","DOI":"10.3386\/w25768"},{"key":"2024122407414547189_j_roe-2024-0005_ref_117","unstructured":"Sachs, J., and A. Warner. 1997. \u201cFundamental Sources of Long-Run Growth.\u201d The American Economic Review 87: 184\u20138."},{"key":"2024122407414547189_j_roe-2024-0005_ref_118","doi-asserted-by":"crossref","unstructured":"Sala-i-Martin, X., G. Doppelhofer, and R. Miller. 2004. \u201cDeterminants of Long-Term Growth: A Bayesian Averaging of Classical Estimates (BACE) Approach.\u201d The American Economic Review 94: 813\u201335. https:\/\/doi.org\/10.1257\/0002828042002570.","DOI":"10.1257\/0002828042002570"},{"key":"2024122407414547189_j_roe-2024-0005_ref_119","doi-asserted-by":"crossref","unstructured":"Schlenker, W., and M. J. Roberts. 2009. \u201cNonlinear Temperature Effects Indicate Severe Damages to U.S. Crop Yields under Climate Change.\u201d Proceedings of the National Academy of Sciences 106 (37): 15594\u20138. https:\/\/doi.org\/10.1073\/pnas.0906865106.","DOI":"10.1073\/pnas.0906865106"},{"key":"2024122407414547189_j_roe-2024-0005_ref_121","doi-asserted-by":"crossref","unstructured":"Skidmore, M., and H. Toya. 2002. \u201cDo Natural Disasters Promote Long-Run Growth?\u201d Economic Inquiry 40: 664\u201387. https:\/\/doi.org\/10.1093\/ei\/40.4.664.","DOI":"10.1093\/ei\/40.4.664"},{"key":"2024122407414547189_j_roe-2024-0005_ref_122","doi-asserted-by":"crossref","unstructured":"Solow, R. 1956. \u201cThe Last 50 Years in Growth Theory and the Next 10.\u201d Oxford Review of Economic Policy 23: 3\u201314. https:\/\/doi.org\/10.1093\/oxrep\/grm004.","DOI":"10.1093\/oxrep\/grm004"},{"key":"2024122407414547189_j_roe-2024-0005_ref_123","doi-asserted-by":"crossref","unstructured":"Stern, N. 2007. The Economics of Climate Change: The Stern Review. Cambridge: Cambridge University Press.","DOI":"10.1017\/CBO9780511817434"},{"key":"2024122407414547189_j_roe-2024-0005_ref_124","doi-asserted-by":"crossref","unstructured":"Strobl, E. 2012. \u201cThe Economic Growth Impact of Natural Disasters in Developing Countries: Evidence from Hurricane Strikes in the Central American and Caribbean Regions.\u201d Journal of Development Economics 97 (1): 130\u201341. https:\/\/doi.org\/10.1016\/j.jdeveco.2010.12.002.","DOI":"10.1016\/j.jdeveco.2010.12.002"},{"key":"2024122407414547189_j_roe-2024-0005_ref_1131","doi-asserted-by":"crossref","unstructured":"Teulings, C., and N. Zubanov. 2014. \u201cIs Economic Recovery a Myth? Robust Estimation of Impulse Responses.\u201d Journal of Applied Econometrics 29: 497\u2013514.","DOI":"10.1002\/jae.2333"},{"key":"2024122407414547189_j_roe-2024-0005_ref_125","doi-asserted-by":"crossref","unstructured":"Tol, R. 2018. \u201cThe Economic Impacts of Climate Change.\u201d Review of Environmental Economics and Policy 12: 4\u201325. https:\/\/doi.org\/10.1093\/reep\/rex027.","DOI":"10.1093\/reep\/rex027"},{"key":"2024122407414547189_j_roe-2024-0005_ref_126","doi-asserted-by":"crossref","unstructured":"V\u00e9gh, C. 1989. \u201cGovernment Spending and Inflationary Finance: A Public Finance Approach.\u201d IMF Staff Papers 36: 657\u201377. https:\/\/doi.org\/10.2307\/3867051.","DOI":"10.2307\/3867051"},{"key":"2024122407414547189_j_roe-2024-0005_ref_127","doi-asserted-by":"crossref","unstructured":"Walsh, C. 2008. \u201cCentral Bank Independence.\u201d In The New Palgrave Dictionary of Economics, edited by S. Durlauf, and L. Blume. New York: Palgrave Macmillan.","DOI":"10.1057\/978-1-349-95121-5_2217-1"}],"container-title":["Review of Economics"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.degruyter.com\/document\/doi\/10.1515\/roe-2024-0005\/xml","content-type":"application\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/www.degruyter.com\/document\/doi\/10.1515\/roe-2024-0005\/pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2024,12,24]],"date-time":"2024-12-24T07:44:44Z","timestamp":1735026284000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.degruyter.com\/document\/doi\/10.1515\/roe-2024-0005\/html"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2024,8,1]]},"references-count":110,"journal-issue":{"issue":"2","published-online":{"date-parts":[[2024,12,24]]},"published-print":{"date-parts":[[2024,8,27]]}},"alternative-id":["10.1515\/roe-2024-0005"],"URL":"https:\/\/doi.org\/10.1515\/roe-2024-0005","relation":{},"ISSN":["0948-5139","2366-035X"],"issn-type":[{"value":"0948-5139","type":"print"},{"value":"2366-035X","type":"electronic"}],"subject":[],"published":{"date-parts":[[2024,8,1]]}}}