Are temporary high-temperature anomalies supply or demand shocks? And how do central banks respond to them? We investigate these questions with a new historical dataset covering 14 European countries over a full century and accounting for nonlinearities via state-dependent impulse response functions in the vein of Auerbach and Gorodnichenko (2012). The following stylized facts emerge: 1) a high temperature shock is a negative supply shock (lower output growth and higher inflation); 2) the

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