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In this paper, we assess the impact of climate shocks on futures markets foragricultural commodities and a set of macroeconomic quantities for multiplehigh-income economies. To capture relations among countries, markets, andclimate shocks, this paper proposes parsimonious methods to estimatehigh-dimensional panel VARs. We assume that coefficients associated withdomestic lagged endogenous variables arise from a Gaussian mixture model whilefurther parsimony is achieved using suitable global-local shrinkage priors onseveral regions of the parameter space. Our results point towards pronouncedglobal reactions of key macroeconomic quantities to climate shocks. Moreover,the empirical findings highlight substantial linkages between regionallylocated climate shifts and global commodity markets.

A Bayesian panel VAR model to analyze the impact of climate change on high-income economies