Temperature, Adaptation, and Local Industry Concentration

This paper benefited from valuable comments from Sophie Shive (discussant), Viral Acharya, Effi Benmelech, Tatyana Deryugina, Gregor Matvos, David Molitor, Maddalena Ronchi, Juan-Manuel Castro Vincenzi, Karthik Sastry and audiences at the Chicago Fed, the Michigan State University Federal Credit Union Conference, the Minnesota Junior Conference, Northwestern University, UIUC, and the University of Kentucky. Jora Li provided outstanding research assistance. Ponticelli gratefully acknowledges financial support from the Financial Institutions and Markets Research Center at Northwestern Kellogg School of Management. Zeume gratefully acknowledges financial support from the Office of Risk Management and Insurance Research at UIUC. Any views expressed are those of the authors and not those of the U.S. Census Bureau. The Census Bureau’s Disclosure Review Board and Disclosure Avoidance Officers have reviewed this information product for unauthorized disclosure of confidential information and have approved the disclosure avoidance practices applied to this release. This research was performed at a Federal Statistical Research Data Center under FSRDC Project Number 1850. (CBDRB-FY23-P1850-R10208). The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• August 1, 2023