Michael Greenstone

Michael Greenstone. He is an influential American economist renowned for his empirical research on environmental and energy policy, as well as development economics. A professor at the University of Chicago, he directs the Energy Policy Institute at Chicago and has held significant roles in the White House Council of Economic Advisers. His work frequently informs major policy debates on climate change, air pollution, and global economic development.

Early Life and Education

Michael Greenstone completed his undergraduate studies at Swarthmore College, earning a degree in Economics. He then pursued graduate studies at Princeton University, where he earned both a Master of Public Affairs and a Ph.D. in Economics. His doctoral dissertation was advised by noted economist Alan B. Krueger, focusing on the economic impacts of environmental regulations. During his formative academic years, he was influenced by the rigorous empirical traditions of the Chicago school of economics and the research conducted at the National Bureau of Economic Research.

Career

Greenstone began his academic career as a faculty member at the Massachusetts Institute of Technology, holding a joint appointment in the Department of Economics and the MIT Sloan School of Management. He later returned to the University of Chicago, where he was appointed the Milton Friedman Distinguished Service Professor in Economics, the College, and the Harris School of Public Policy. He serves as the director of the Becker Friedman Institute for Economics and founded the Energy Policy Institute at Chicago, a premier research center. He has also held visiting positions at institutions like the Brookings Institution and the World Bank.

Research and Publications

Greenstone's research employs large datasets and quasi-experimental methods to answer critical questions in environmental and energy economics. A seminal paper, published in the Journal of Political Economy, quantified the mortality costs of air pollution in the United States by exploiting the implementation of the Clean Air Act. His work on the Social Cost of Carbon, developed during his tenure on the White House Council of Economic Advisers, has become a foundational metric for federal climate regulations. Other significant publications have analyzed the economic consequences of climate change in India, the value of hydraulic fracturing, and the effectiveness of emissions trading systems like the European Union Emissions Trading System.

Awards and Honors

For his contributions to economics, Greenstone has been elected a Fellow of the Econometric Society and a Fellow of the American Academy of Arts and Sciences. His research has been recognized with prestigious awards, including the Arrow Award from the International Association for Energy Economics. He is a research associate at the National Bureau of Economic Research and has received numerous grants from organizations such as the National Science Foundation and the Alfred P. Sloan Foundation. His influential policy work was further acknowledged through his appointment to the Environmental Protection Agency's Science Advisory Board.

Public Service and Policy Work

Greenstone served as the Chief Economist for the White House Council of Economic Advisers under President Barack Obama, where he co-led the development of the interagency Social Cost of Carbon estimate. He has advised numerous governments and international bodies, including the Government of India and the United Nations Development Programme. Through the Energy Policy Institute at Chicago, he leads initiatives like the Air Quality Life Index, which translates particulate pollution into its impact on global life expectancy. He frequently testifies before the United States Congress and contributes to major media outlets like the New York Times and the Wall Street Journal on energy and environmental policy.

Category:American economists Category:University of Chicago faculty Category:Environmental economists