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This paper examines the impact of climate shocks on 13 European economiesanalysing jointly business and financial cycles, in different phases anddisentangling the effects for different sector channels. A Bayesian PanelMarkov-switching framework is proposed to jointly estimate the impact ofextreme weather events on the economies as well as the interaction betweenbusiness and financial cycles. Results from the empirical analysis suggest thatextreme weather events impact asymmetrically across the different phases of theeconomy and heterogeneously across the EU countries. Moreover, we highlight howthe manufacturing output, a component of the industrial production index,constitutes the main channel through which climate shocks impact the EUeconomies.

The impact of Climate on Economic and Financial Cycles: A Markov-switching Panel Approach