Rising temperatures raise inflation expectations – ECB paper
Global warming also leads to greater pessimism about growth, research finds
Changes in global temperature scenarios have an adverse impact on eurozone citizens’ economic expectations, new research from the European Central Bank finds.
Economists Dimitris Georgarakos, Geoff Kenny, Justus Meyer and Maarten van Rooij asked participants in the ECB’s consumer expectations survey to change their outlooks for the economy based on randomly assigned hypothetical scenarios about changes in global temperature.
In their paper, released on October 6, they find that a 0.5°C rise in
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