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Policymakers in developing countries face multiple challenges related to climate change. To provide policymakers with reliable recommendations on a variety of climate related policies, the WBG has a diverse and complementary set of models. The analytics range from evaluating the aggregate, sectoral, and welfare effects of mitigation measures to assessing country-specific adaptation needs, considering the impacts of extreme weather events as well as gradual global warming. Key indicators include macroeconomic outcomes, sectoral indicators, co-benefits and poverty and distributional issues. This report summarizes the range of climate and development issues addressed by each model in the WBG suite, revealing both strengths and limitations of individual models, as well as the complementarity among models.

Adaptation To Climate Change --- Carbon Policy and Trading --- Climate Change --- Climate Change Mitigation and Green House Gases --- Computable General Equilibrium --- Economic Growth --- Economic Theory and Research --- Environment --- Global Warming --- Macroeconomics and Economic Growth

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The application of Deep Reinforcement Learning (DRL) in economics has been an area of active research in recent years. A number of recent works have shown how deep reinforcement learning can be used to study a variety of economic problems, including optimal policy-making, game theory, and bounded rationality. In this paper, after a theoretical introduction to deep reinforcement learning and various DRL algorithms, we provide an overview of the literature on deep reinforcement learning in economics, with a focus on the main applications of deep reinforcement learning in macromodeling. Then, we analyze the potentials and limitations of deep reinforcement learning in macroeconomics and identify a number of issues that need to be addressed in order for deep reinforcement learning to be more widely used in macro modeling.

Macroeconomics --- Economics: General --- Intelligence (AI) & Semantics --- Environmental Economics --- Financial Risk Management --- Econometrics --- Computational Techniques --- Data Collection and Data Estimation Methodology --- Computer Programs: Other --- Network Formation and Analysis: Theory --- Technological Change: Choices and Consequences --- Diffusion Processes --- Environmental Economics: General --- Debt --- Debt Management --- Sovereign Debt --- Computable and Other Applied General Equilibrium Models --- Economic & financial crises & disasters --- Economics of specific sectors --- Machine learning --- Environmental economics --- Artificial intelligence --- Finance --- Econometrics & economic statistics --- Technology --- Debt relief --- Asset and liability management --- General equilibrium models --- Econometric analysis --- Currency crises --- Informal sector --- Economics --- Environmental sciences --- Debts, External --- Econometric models

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This paper presents ways for China to achieve its climate goals while also attain high-quality growth—growth that is balanced, inclusive, and green. Using a dynamic computable general equilibrium model that is calibrated to China, multiple scenarios are considered that incorporate a sequence of layered policies: (i) frontloading mitigation with an earlier emissions peak, (ii) power market reforms, and (iii) economic rebalancing. The results highlight that these policies can significantly contribute to the success of the climate strategy overall, including by lowering the shadow price of carbon as well as the associated mitigation costs. Distribution analysis offers proposals to lessen the impact on vulnerable households.

Macroeconomics --- Economics: General --- Environmental Conservation and Protection --- Environmental Economics --- Natural Resources --- Environmental Policy --- Economywide Country Studies: Asia including Middle East --- Climate --- Natural Disasters and Their Management --- Global Warming --- Industrialization --- Manufacturing and Service Industries --- Choice of Technology --- Computable and Other Applied General Equilibrium Models --- Nonrenewable Resources and Conservation: General --- Environmental Economics: Government Policy --- Macroeconomics: Consumption --- Saving --- Wealth --- Economic & financial crises & disasters --- Economics of specific sectors --- Climate change --- Environmental economics --- Environmental management --- Environmental policy & protocols --- Greenhouse gas emissions --- Environment --- Non-renewable resources --- Climate policy --- Consumption --- National accounts --- Currency crises --- Informal sector --- Economics --- Greenhouse gases --- Emissions trading --- Natural resources --- Environmental policy --- China, People's Republic of

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This paper presents ways for China to achieve its climate goals while also attain high-quality growth—growth that is balanced, inclusive, and green. Using a dynamic computable general equilibrium model that is calibrated to China, multiple scenarios are considered that incorporate a sequence of layered policies: (i) frontloading mitigation with an earlier emissions peak, (ii) power market reforms, and (iii) economic rebalancing. The results highlight that these policies can significantly contribute to the success of the climate strategy overall, including by lowering the shadow price of carbon as well as the associated mitigation costs. Distribution analysis offers proposals to lessen the impact on vulnerable households.

China, People's Republic of --- Macroeconomics --- Economics: General --- Environmental Conservation and Protection --- Environmental Economics --- Natural Resources --- Environmental Policy --- Economywide Country Studies: Asia including Middle East --- Climate --- Natural Disasters and Their Management --- Global Warming --- Industrialization --- Manufacturing and Service Industries --- Choice of Technology --- Computable and Other Applied General Equilibrium Models --- Nonrenewable Resources and Conservation: General --- Environmental Economics: Government Policy --- Macroeconomics: Consumption --- Saving --- Wealth --- Economic & financial crises & disasters --- Economics of specific sectors --- Climate change --- Environmental economics --- Environmental management --- Environmental policy & protocols --- Greenhouse gas emissions --- Environment --- Non-renewable resources --- Climate policy --- Consumption --- National accounts --- Currency crises --- Informal sector --- Economics --- Greenhouse gases --- Emissions trading --- Natural resources --- Environmental policy

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Climate and demographic changes are two major long-term trends that are evolving simultaneously. The global population is aging, while climate change is increasing the frequency and severity of weather-related disasters and lowering productivity. This paper examines the macroeconomic effects of these three changes in a common framework. Simulation results suggest that while aging drags down the real interest rate, climate change puts upward pressure on the real interest rate and inflation. As climate change intensifies, it will be the dominant factor shaping the macroeconomic variables. This results in higher inflation and a higher debt-to-GDP ratio, requiring tighter fiscal and monetary policies. The results further suggest that economic uncertainty induced by climate change amplifies these effects of climate change.

520 Milieubeleid --- 460 Economie --- Macroeconomics --- Economics: General --- Demography --- Environmental Economics --- Banks and Banking --- Computable and Other Applied General Equilibrium Models --- Macroeconomics: Consumption --- Saving --- Wealth --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Comparative or Joint Analysis of Fiscal and Monetary Policy --- Stabilization --- Treasury Policy --- Climate --- Natural Disasters and Their Management --- Global Warming --- Demographic Trends, Macroeconomic Effects, and Forecasts --- Economics of the Elderly --- Economics of the Handicapped --- Non-labor Market Discrimination --- Interest Rates: Determination, Term Structure, and Effects --- Economic & financial crises & disasters --- Economics of specific sectors --- Population & demography --- Climate change --- Finance --- Consumption --- National accounts --- Environment --- Demographic change --- Population and demographics --- Aging --- Real interest rates --- Financial services --- Currency crises --- Informal sector --- Economics --- Climatic changes --- Demographic transition --- Population aging --- Interest rates