| 主讲人简介： | Jiangmin Xu is an Associate Professor of Finance at Guanghua School of Management, Peking University. He obtained his bachelor’s degree in economics with first-class honors from the University of Cambridge in the United Kingdom and a Ph.D. in economics from Princeton University in the United States. Xu Jiangmin’s current main research areas focus on climate economics, climate finance and financial economics. His academic papers have been published by top economics and finance journals such as Journal of Financial Economics, Journal of Econometrics, and Social Sciences in China. He has won the Best Paper Award at the China International Conference in Finance (CICF), and has been invited to present at numerous conferences. |
| 简介： | Regional heatwaves are associated with lower productivity and economic growth. Implications of these damage estimates for the usefulness of cooling adaptations in a future of global warming remain unclear. To address these implications, we develop a q-theory where heatwaves lead to downward jumps in productivity but firm adaptation spending mitigates exposure to these shocks. Output growth depends on standard productivity and capital accumulation channels and an endogenous growth channel arising from adaptation. Based on our calibration to country-level adaptation, willingness-to-pay—the difference in welfare with and without adaptation—is small and damage from heatwaves large because their frequencies have been historically low. More frequent heatwaves with global warming quickly increase willingness-to-pay and adaptation spending as a share of output, resulting in lower damage per heatwave. |