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William D. Nordhaus : Intégrer le changement climatique dans l’analyse macroéconomique de long terme

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  • Katheline Schubert

Abstract

This article follows the tradition of the Revue d?Économie Politique of presenting each year the new ?Nobel prices in economics? contributions. It is dedicated to William Nordhaus, rewarded for having integrated climate change into long-run macroeconomic analysis. I firs present the DICE model, explaining in detail the equations of the climate and economic sub-models as well as the calibration procedure. I then show how DICE is used to compute the social cost of carbon. Lastly, I present some of the very numerous extensions of the model at date, to highlight the power of the framework, its limits too, and the ways forward. JEL codes: 04, 044, Q5, Q54

Suggested Citation

  • Katheline Schubert, 2019. "William D. Nordhaus : Intégrer le changement climatique dans l’analyse macroéconomique de long terme," Revue d'économie politique, Dalloz, vol. 129(6), pages 887-908.
    • Handle: RePEc:cai:repdal:redp_296_0887
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    Keywords

    William Nordhaus; Nobel price; DICE; integrated assessment models; climate economics;
    All these keywords.

    JEL classification:

    • Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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