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Discussion Paper
The Welfare Costs of Superstorm Sandy
Deitz, Richard; Bram, Jason; Orr, James A.; Abel, Jaison R. (2012-12-18)
As most of the New York metropolitan region begins to get back to normal following the devastation caused by superstorm Sandy, researchers and analysts are trying to assess the total ?economic cost? of the storm. But what, exactly, is meant by economic cost? Typically, those tallying up the economic cost of a disaster think of two types of costs: loss of capital (property damage and destruction) and loss of economic activity (caused by disruptions). But there is another important type of economic loss that often is not estimated or discussed in policymaking decisions: loss of welfare or ...
Liberty Street Economics , Paper 20121218

Journal Article
Disaster zone
Todd, Richard M.; Davies, Phil (2006-12)
The economics of catastrophe risks are fundamentally different from those of risks covered by standard insurance contracts. Size alone is not necessarily the critical difference, nor is the sporadic and unpredictable nature of catastrophes. The key unconventional features needed to deal with the large, time-varying, asymmetric risks inherent in catastrophes are: - between-group trades across time, not just within-group, pay-as-you-go risk pooling; - in normal times, payments by the risk-prone group to the relatively safe group; - when catastrophe strikes, large payments to the risk-prone ...
The Region , Volume 20 , Issue Dec , Pages 6-9, 40-41

Journal Article
Rules vs. discretion: the wrong choice could open the floodgates
Buol, Jason J.; Vaughan, Mark D. (2003-01)
Anyone who sets any kind of policy can appreciate the dilemma that faces those trying to prevent construction in floodplains: Is it better to stick to the rules-no matter how harsh-or to exercise discretion under certain circumstances?
The Regional Economist , Issue Jan , Pages 10-11

Journal Article
Houston after the hurricanes
Gilmer, Robert W. (2005-10)
Houston Business , Issue Oct

Working Paper
Natural Disasters, Climate Change, and Sovereign Risk
Mallucci, Enrico (2020-07-08)
I investigate how natural disaster can exacerbate fiscal vulnerabilities and trigger sovereign defaults. I extend a standard sovereign default model to include disaster risk and calibrate it to a sample of seven Caribbean countries that are frequently hit by hurricanes. I find that hurricane risk reduces government's ability to issue debt and that climate change may further restrict market access. Next, I show that "disaster clauses", that provide debt-servicing relief, improve government ability to borrow and mitigate the adverse impact of climate change on government's borrowing conditions.
International Finance Discussion Papers , Paper 1291

Speech
The national and regional economy
Dudley, William (2012)
Remarks at Pace University, New York City.
Speech , Paper 92

Periodic Essay
Hidden Financial Devastation Followed Hurricane Harvey
Ricketts, Lowell R.; Gallagher, Emily (2020-02-14)
Financial health, homeownership and flood insurance status before a hurricane altered the financial hardship of flooding on families.
In the Balance

Journal Article
Noteworthy: Hurricane Ike: six months later, still assessing the damage
Nicholson, Michael (2009-01)
On Sept. 13, Hurricane Ike made landfall at Galveston. Six months later, many Texas Gulf Coast communities continue to struggle with debris and damage. Rebuilding is under way, but full recovery is likely to take years.
Southwest Economy , Issue Q1 , Pages 15

Working Paper
Natural Disasters, Climate Change, and Sovereign Risk
Mallucci, Enrico (2020-10-14)
I investigate how natural disasters can exacerbate fiscal vulnerabilities and trigger sovereign defaults. I extend a standard sovereign default model to include disaster risk and calibrate it to a sample of seven Caribbean countries that are frequently hit by hurricanes. I find that disaster risk reduces government's ability to issue debt and that climate change further restricts government's access to financial markets. Next, I show that "disaster clauses", that provide debt-servicing relief, allow governments to borrow more and preserve government's access to financial markets, amid rising ...
International Finance Discussion Papers , Paper 1291r1

Working Paper
Last Resort Insurance: Wildfires and the Regulation of a Crashing Market
Taylor, Reid; Turland, Madeline; Weill, Joakim A. (2025-03-26)
An increasing number of people are denied home insurance coverage in the private market and must instead turn to state-sponsored plans known as “Insurers of Last Resort.” This paper examines how insurers of last resort interact with the private market under increasing disaster risks. We first present a simple model of an adversely selected insurance market, highlighting that the insurer of last resort allows strict price regulation to be compatible with full insurance. We then empirically study the California non-renewal moratoriums, a regulation that forced insurers to supply insurance ...
Working Papers , Paper 2510

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