RT @hallegatte: This is consistent with empirical work showing that natural disasters reduce the capital stock, but also TFP, see https://t…
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This is consistent with empirical work showing that natural disasters reduce the capital stock, but also TFP, see https://t.co/ucqTfTdj87 or https://t.co/HAHsRR7x0x. This effect can multiply by three the short-term effect of asset losses on value added.
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@BrankoMilan @MilesCorak @Noahpinion Very practical problem to estimate the impact of shocks. A model that describes capital as a single homogeneous stock systematically underestimates disaster output losses (vs. a model that tracks capital categories with
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RT @hallegatte: "Are Losses from Natural Disasters More Than Just Asset Losses?" Well, of course they are... We explain how to assess consu…