Impacts of Natural Disasters on a Dynamic Economy - École des Ponts ParisTech Access content directly
Book Sections Year : 2015

Impacts of Natural Disasters on a Dynamic Economy


This paper presents a modeling framework for macroeconomic growth dynamics ; it is motivated by recent attempts to formulate and study " integrated models " of the coupling between natural and socioeconomic phenomena. The challenge is to describe the interfaces between human activities and the functioning of the earth system. We examine the way that this interface works in the presence of endogenous business cycle dynamics, based on a non-equilibrium dynamic model. Recent findings about the macroeconomic response to natural disasters in such a nonequilibrium setting have shown a more severe response to natural disasters during expansions than during recessions. These findings raise questions about the assessment of climate change damages or natural disaster losses that are based purely on long-term growth models. In order to compare the theoretical findings with observational data, we analyze cyclic behavior in the U.S. economy, based on multivariate singular spectrum analysis. We analyze a total of nine aggregate indicators in a 52-year interval (1954–2005) and demonstrate that the behavior of the U.S. economy changes significantly between intervals of growth and recession , with higher volatility during expansions.
Fichier principal
Vignette du fichier
Andreas_Groth_2015_AGU_monograph_Extreme_Events_Economic.pdf (500.46 Ko) Télécharger le fichier
Origin : Files produced by the author(s)

Dates and versions

hal-01678074 , version 1 (06-04-2018)



Andreas Groth, Patrice Dumas, Michael Ghil, Stéphane Hallegatte. Impacts of Natural Disasters on a Dynamic Economy. Mario Chavez, Michael Ghil, Jaime Urrutia-Fucugauchi. Extreme Events: Observations, Modeling, and Economics, Wiley, pp.343-360, 2015, Geophysical Monograph Series, 978-1-119-15701-4. ⟨10.1002/9781119157052.ch19⟩. ⟨hal-01678074⟩
468 View
315 Download



Gmail Facebook X LinkedIn More