Innovation, Business Cycles, and the Climate Transition

We thank Adrien Auclert, Marios Angeletos, Esther Bøler, Patrick Bolton, Gadi Barlevy, Gideon Bornstein, Andrea Caggese, Nida Çakır Melek, Maarten De Ridder, Luca Fornaro, Bard Harstad, David Hémous, Ben Jones, Marcin Kacperczyk, Pete Klenow, Yueran Ma, Marti Mestieri, Mirabelle Muûls, Conny Olovsson, Dimitris Papanikolaou, Evi Pappa, Marcel Peruffo, Monika Piazzesi, Giorgio Primiceri, Felipe Saffie, Martin Schneider and Jaume Ventura as well as participants at the Chicago Fed, the KC Fed, Kellogg, Stanford, HKUST, Tinbergen, NUS, Cornell University, the University of Pittsburgh, York University, the University of Cambridge, Imperial College London, University of Bonn, University of Amsterdam, CREi, Barcelona Summer Forum, SED, UC3M, Bank of England, Banco de Espana, Banque de France, Riksbank, CityUHK, UCD, Tor Vergata, HKMA, ifo Institute, University of Hamburg and IWH for helpful comments and suggestions. This paper previously circulated under the title “Green Business Cycles”. Konradt acknowledges financial support from the Swiss National Science Foundation (grant 222367). Wang acknowledges financial support from the Bonn Graduate School of Economics. Zhang thanks the Singapore Ministry of Education for financial support under the SSRTG grant SSRC2023-SSRTG-026. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.