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This paper tests the feasibility and estimates the cost of climate controlthrough economic policies. It provides a toolbox for a statistical historicalassessment of a Stochastic Integrated Model of Climate and the Economy, and itsuse in (possibly counterfactual) policy analysis. Recognizing thatstabilization requires supressing a trend, we use an integrated-cointegratedVector Autoregressive Model estimated using a newly compiled dataset rangingbetween years A.D. 1000-2008, extending previous results on Control Theory innonstationary systems. We test statistically whether, and quantify to whatextent, carbon abatement policies can effectively stabilize or reduce globaltemperatures. Our formal test of policy feasibility shows that carbon abatementcan have a significant long run impact and policies can render temperaturesstationary around a chosen long run mean. In a counterfactual empiricalillustration of the possibilities of our modeling strategy, we show that thecost of carbon abatement for a retrospective policy aiming to keep globaltemperatures close to their 1900 historical level is about 75% of the observed2008 level of world GDP, a cost equivalent to reverting to levels of outputhistorically observed in the mid 1960s. This constitutes a measure of theputative opportunity cost of the lack of investment in carbon abatementtechnologies.

What Does it Take to Control Global Temperatures? A toolbox for estimating the impact of economic policies on climate