The Economic Impacts of Climate Change: Evidence from Agricultural Output and Random Fluctuations in Weather: Reply
نویسنده
چکیده
Fisher et al. (2012) (hereafter, FHRS) have uncovered coding and data errors in our paper, Deschênes and Greenstone (2007) (hereafter, DG). We acknowledge and are embarrassed by these mistakes. We are grateful to FHRS for uncovering them. We hope that this Reply will also contribute to advancing the literature on the vital question of the impact of climate change on the US agricultural sector. FHRS’ main critiques of DG are as follows: (i) there are errors in the weather data and climate change projections used by DG; (ii) the climate change projections are based on the Hadley 2 model and scenarios, rather than the more recent Hadley 3 model and scenarios; (iii) standard errors are biased due to spatial correlation; (iv) the inclusion of state by year fixed effects does not leave enough weather variation to obtain meaningful estimates of the relationship between agriculture profits and weather; (v) storage and inventory adjustment in response to yield shocks invalidate the use of annual profit data; and (vi) FHRS argue that a better-specified hedonic model produces robust estimates, unlike the results reported in DG. Four of these critiques have little basis and we respond to them here in the introduction. Specifically, with respect to:
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The Economic Impacts of Climate Change: Evidence from Agricultural Output and Random Fluctuations in Weather: Comment Online Appendix
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