NERA Economic Consulting

NERA Economic Consulting


National Economic Research Associates (NERA) Economic Consulting was co-founded on April 10, 1961 by the late Jules Joskow and by Irwin M. Stelzer, senior fellow and director of the right-wing Hudson Institute’s Center for Economic Policy.

In 2004, Stelzer was described as “right-hand man of Rupert Murdoch,” the CEO of News Corp., which owns Fox News. The two economists were advised by the late Alfred E. Kahn, known as the “Father of Deregulation.” [1], [2], [3], [4]

NERA describes itself as “a global firm of experts dedicated to applying economic, finance, and quantitative principles to complex business and legal challenges” that creates “strategies, studies, reports, expert testimony, and policy recommendations for government authorities and the world’s leading law firms and corporations.” They boast that 96 of the Fortune 100 largest corporations have been NERA clients. [5]

When President Donald Trump announced he was pulling the United States out of the Paris climate agreement, he cited several negative statistics regarding the impact of the climate deal, suggesting a $3 trillion drop in GDP, a loss of 6.5 million jobs, and 86% reduction in coal production. DeSmog traced the roots of Trump’s claims on Paris to a March 2017 report by NERA Economic Consulting. The report had been prepared for the American Council for Capital Formation (ACCF), and the U.S. Chamber of Commerce‘s Institute for 21st Century Energy. [6], [7]

NERA has a history of working for industry. In the 1990s, NERA carried out a study for the tobacco industry that concluded there wasn’t a link between tobacco advertising and smoking levels. [8]

Fossil Fuel Ties

NERA has produced numerous reports supporting the LNG industry and the coal industry and, the group’s very first clients included “many major combination gas and electric utilities with regulatory problems that extend beyond gas costs.” [1]

The NERA report Donald Trump cited was also sponsored by the American Council for Capital Formation (ACCF) and the U.S Chamber of Commerce[7]

The ACCF has accepted millions of dollars in donations from major corporations and industry groups, including ExxonMobil, the American Petroleum Institute and foundations linked to the billionaire petrochemical brothers Charles and David Koch. [9]

According to its website, NERA Economic Consulting’s “Practice Areas” include Energy and Environmental Economics. One NERA document details their “Energy” service as follows: [10], [11]

“We work with companies, governmental bodies, and regulators worldwide to design competitive gas and electricity markets and to develop tariffs and rules of access for regulated transmission and distribution systems for electricity, gas, and the transport of oil and oil products.

“With industry restructuring in many countries, we also help companies develop strategies for exploring new opportunities and minimizing new risks, including those related to climate change, environmental regulation, and energy policy. […]” [12]

NERA‘s History with Tobacco


NERA served as a contractor to Philip Morris against an Occupational Safety and Health Administration (OSHA) proposal to implement regulations for smoking on the job, Tobacco Archives documents reveal. [13], [14]

Dr. Albert L . Nichols of NERA wrote a Dec. 1995 NERA economic study contracted by Philip Morris which critiqued OSHA regulations, describing them as “draconian” in nature, suggesting OSHA relied on “patently ludicrous” economic assumptions. Nichols also testified at the request of Philip Morris. [15]

In a Feb. 1995 Associated Press article, Nichols was also quoted saying that cigarette sales in Maryland “could fall by $27 million” on an annual basis if the regulations are implemented. [16]


A search of the Truth Tobacco Industry Documents Library reveals that on December 19, 1990, NERA released a report on advertising in the tobacco industry. [17]

According to the report’s introduction, its purpose was to review “the publicly available econometric literature regarding the question of whether cigarette advertising affects cigarette consumption.” It concludes by quoting another study, which stated that “advertising bans in the broadcast media have had virtually no effect on per capita consumption.” [17]

NERA produced another study in January 1992 titled “Advertising and Cigarette Consumption: Is the Literature All Smoke?” that similarly concluded that “No well-executed studies support either the view that advertising increases overall cigarette consumption or the view that advertising increases cigarette market share.” [18]

A  January, 1991 memo from former Philip Morris employee Cynthia von Maerestetten describes the first NERA study as “the single best and most solid piece of work on the subject (by the bad guys or the good guys) to date.” She adds that “It should be particularly helpful in areas where the New Zealand Toxic Substances Review Board Report has been used with and by government sto justify ad ban proposals.” [19]

NERA Study Tobacco Industry Memo

While details on who commissioned the report are not obviously disclosed, Maerestetten writes in the memo that “Essentially, you (PMI) own it and can distribute it publicly/privately in any way you see fit.”


NERA worked to fight against proposed Restaurant Smoking Bans in Los Angeles county in 1990, working with PR firm Ogilvy-Mather and the Tobacco Institute, according to archived tobacco industry documents[20]


NERA‘s tobacco connections extend back at least to 1986, where a memo from NERA‘s then-vice-president William B. Shew addressed to Arnold & Porter attorney Thomas Silfen says the tobacco industry should aim to explain the so-called health “benefits” of smoking. [21], [14]

“The individual weights the benefits of smoking against the costs,” the memo reads. “Smoking does not pose immediate health hazards; rather, any adverse consequences occur only after a substantial lag.”

At the time of the memo, Arnold & Porter served as national counsel for Philip Morris.

Stance on Climate Change


According to a NERA Economic Consulting document on Climate Change, with a PDF creation date of September, 2012: [22]

“Greenhouse gas emissions and climate change are increasingly important concerns for governments and businesses across the globe. As governments move to enact policies and regulations that will curtail greenhouse gas emissions, firms must understand and prepare for the possibility of a reduced greenhouse gas future. NERA’s understanding of market structure, regulatory incentives, and the economic instruments relevant to most climate change policies can form a key component of firm and industry strategies for dealing with greenhouse gas challenges.” [22]


According to its website, “NERA has worked with all 100 of the American Lawyer Global 100 largest law firms” and “96 of the Fortune 100 largest corporations have been NERA clients.” [5]

While the company does not list their clients, some of their major clients are detailed on its history page and include: [1]

  • AT&T
  • major combination gas and electric utilities”
  • NYSE
  • “work involving the Arab oil embargo and various government and private entities in the US energy sector”
  • Atomic Energy Commission
  • “several large M&A cases such as Mead/Occidental”
  • South California Edison
  • Major League Baseball Players Association
  • Enron
  • WorldCom

Key People

NERA “Experts”

The following “Experts” were listed on the NERA website between 1997 and 2017.

Agustin Ros  YY  
Airat Chanyshev    YSenior Consultant
Alan (Jeff) Daskin  YY  
Alan CoxYYYYYManaging Director. Chair of NERA‘s Intellectual Property Practice
Alan DaskinYY   Senior Consultant, White Plains 
Alan E. Finder    YAffiliated Industry Expert
Alan Grant    YSenior Consultant
Albert (Nick) NicholsYYYY  
Alejandro Requejo  YY  
Alex Richardson    YSenior Consultant
Alexander Voegele    YAffiiated Consultant
Alexandre Carbonnel    YConsultant
Alfred E. KahnYYYY  
Algis Remeza  YY  
Alison Oldale  YY  
Alon Carmel    YSenior Consultant
Alyssa Lutz  YYYAffiiated Consultant
Amanda Pletz    YAssociate Director
Amity Swank  YY  
Amparo Nieto  YYYAssociate Director
Andrej Juris  YY  
Andrew CarronYYYYYChairman
Andrew Homewood  YY  
Andrew Joskow YYYYAffiiated Consultant
Angela Pachon  YY  
Aniruddha BanerjeeYYYY  
Ann Whitfield  YY  
Anne E. Smith    YManaging Director. Co-Chair, Environment Practice
Anne Gron    YManaging Director
Anne Layne-Farrar  YY  
Anthony Yezer Y   Special Consultant, Cambridge
Antoinette (Toni) Pincott    YManaging Director
Atilano Jorge Padilla  Y  Director, Brussels, Madrid and Rome
Bastian Gottschling    YPrincipal
Becky Stuttard  YY  
Benjamin Chee    YDirector
Bernard ReddyYYYY  
Bernard ShullYYYY  
Bob Grabham  YY  
Bradley A. Heys    YDirector
Bruce GrundyYY   Special Consultant, White Plains 
Bruce NetschertYY   Special Consultant, Washington D.C. 
Bruno Soria    YAssociate Director
Bryan Ray  YYYAssociate Director
Bryan Tomlin    YAffiliated Academic
Cagatay Koc  YY  
Carl Peterson  YYYAffiiated Consultant
Carlo Scarpa    YAffiliated Academic
Carlos Pabon-Agudelo  YY  
Carol Osborne  YY  
Cesar Herrera  YY  
Chantale LaCasse  YYYManaging Director
Charles ZarkadasYY Y  
Chetan Sanghvi    YManaging Director
Christian Dippon  YYYManaging Director. Chair of NERA‘s Global Energy, Environment, Communications & Infrastructure Practice
Christine Meyer  YY  
Christine Siegwarth Meyer    YManaging Director
Christopher Erath  YY  
Christopher VellturoYY   Vice President, Cambridge
Chudozie Okongwu  YYYManaging Director
Cindy W. Ma  YY  
Clara Segurola    YSenior Consultant
Collin Cain  YY  
Craig Merrill  YY  
Dana Heller   Y  
Daniel Abrams  YY  
Daniel Garcia Swartz  YY  
Daniel LaGattuta  YY  
Daniel Radov  YYYDirector
Daniel Whitaker  YY  
Dante Quaglione  YY  
David Babbel  YY  
David Blackburn    YDirector
David Blanchflower YYY  
David Ellis  YY  
David EvansYYY  Senior Vice President, Cambridge, Chicago, and Brussels
David Graham    YAssociate Director
David HarrisonYY   Vice President, Cambridge 
David Harrison Jr.  YYYManaging Director. Co-Chair, Environment Practice
David Hough  YY  
David Lewis  YY  
David M. Boonin    YAffiliated Industry Expert
David Matthew  YY  
David Monk    YAssociate Director
David Monk Jr.  YY  
David Sevy  YY  
David Squires  YY  
David Sunding Y   Senior Consultant, San Francisco 
David Tabak  YYYManaging Director
Denise MartinYYYY  
Denise Neumann Martin    YManaging Director
Dennis Colenutt  YYYAffiiated Consultant
Dirk van Leeuwen  YYYSenior Consultant
Dominik Hübler    YPrincipal
Drew Claxton  YYYAssociate Director
Edward Bramley-Harker  YY  
Edward KahnYY   Vice President, San Francisco 
Edward Kee    YAffiiated Consultant
Elaine Buckberg  YY  
Elena Zoido  YY  
Elizabeth Bailey  YY  
Elizabeth M. Bailey    YAffiliated Academic
Elizabeth Newlon    YAssociate Director
Elizabeth Xiao-Ru Wang  YY  
Emily Bulman  YY  
Emmanuel Llinares    YManaging Director. Head of Global Transfer Pricing
Enese Lieb-Doczy  YY  
Enrique Torres-Correa  YY  
Erik Sleutjes  YY  
Erin McHugh    YAssociate Director
Esther Parker  YY  
Eugene EricksenYYYYYAffiliated Academic
Eugene MeehanYYYYYAffiiated Consultant
Fabrizio Hernandez  YY  
Fabrizio Hernández    YManaging Director
Faten Sabry  YYYManaging Director. Bankruptcy Practice Chair
Federica Maiorano  YY  
Fernando Avalos  YY  
Fernando Barrera  YY  
Francesco Lo Passo  YY  
Frank Douglass  YY  
Frank P. Maier-Rigaud    YManaging Director. Head of Competition Economics Europe
Fred DunbarYYYY  
G. Steven Olley  YY  
Gabriella Monahova    YSenior Consultant
Garrett Glasgow    YSenior Consultant
Gary DormanYYYY  
Gary Lambert    YSenior Consultant
George Anstey    YAssociate Director
George Korenko  YY  
Georgi Tsvetkov    YSenior Consultant
Georgina Martinez  YY  
Gideon Koch  YY  
Glenn R. George    YManaging Director
Gordon Hughes  YY  
Gordon MacKerron  YY  
Graeme Hunter   YYManaging Director
Graham Hadley  YY  
Graham Houston  YY  
Graham Shuttleworth  YYYAffiiated Consultant
Grant Saggers    YAssociate Director
Greg Houston  YY  
Gregory DuncanYYYY  
Guillaume Madelpuech    YPrincipal
Guillermo Lozano Branger  YY  
Hamish Fraser  YYYAffiiated Consultant
Hans-Martin Ihle    YSenior Consultant
Harlow Higinbotham  YYYManaging Director
Harold WareYYYY  
Healey Whitsett    YSenior Consultant
Hethie ParmesanoYYYYYAffiiated Consultant
Hiroaki Ishigaki    YManaging Director
Howard Chang  YY  
Howard KittYYYY  
Ian Jones  YY  
Ignacio Franceschelli    YSenior Consultant
Ignacio Vizcaino  YY  
Inmaculada Gutierrez  YY  
Isabelle McKenzie  YY  
Ivelina Velikova    YSenior Consultant
J. Douglas Zona Y   Senior Consultant, White Plains
J. Howard Beales, III    YAffiliated Academic
Jaime D’Almeida  Y  Consultant, Cambridge
James Brickley  YY  
James Dougherty  YY  
James Forcier Y   Senior Consultant, San Francisco
James Grayburn  YYYAssociate Director
James Jordan  YYYAffiiated Consultant
James Mellsop    YManaging Director
James Overdahl    YAffiliated Industry Expert
Jan Peter van der Veer  YY  
Janusz Mrozek    YSenior Consultant
Jason Hong    YSenior Consultant
Jason Zeitler  YY  
Jeanne Lubek  YYYDirector
Jeff D. Makholm    YManaging Director
Jeff MakholmYYYY  
Jeff Youngen  YY  
Jeffrey A. Bloczynski  YY  
Jeffrey A. Eisenach    YManaging Director. Co-Chair, Communications, Media, and Internet Practice
Jeffrey L. Baliban  YY  
Jennifer Cascone Fauver    YAssociate Director
Jennifer Chen  YY  
Jeremy Stein  YY  
Jerome HassYYYY  
Jerry Arnold    YAffiliated Academic
Jesse David  YY  
Jim Rollo  YY  
Jin Park  YY  
Joel Simkins    YSenior Consultant
John Dodgson  YY  
John GaisfordYY   Senior Consultant, Los Angeles
John Garvey    YManaging Director
John H. Johnson IV  YY  
John Montgomery  YY  
John Prather Brown  YY  
John Rhys  YY  
John Scalf    YSenior Consultant
John SeppleYY   Vice President, Washington D.C.
John Thanassoulis  YY  
Jon Stern  YY  
Jon Wainwright  YYYManaging Director
Jonathan FalkYYYYYAssociate Director
Jordan Milev    YAssociate Director
Jorge Baez    YAssociate Director
Jorge Fernandez  YY  
Jorge Sanz    YAssociate Director
Jose Maria Rodriguez Ovejero  YY  
Joseph Cook  YY  
Joseph Crespo  YY  
Joseph EckertYY   Vice President, Washington D.C. 
Juan Carlos Ortigas  YYYAssociate Director
Judith GreenmanYY   Senior Vice President, White Plains 
Jules JoskowYYYY Former President.
Julio Garcia-Cobos  YY  
Karen Frazer  YY  
Karl McDermott  YYYAffiliated Academic
Kate Foreman    YSenior Consultant
Kathleen (Kathy) King  YY  
Kazuto Yamashiro  YY  
Ken Serwin  YY  
Kenneth FrootYYYY  
Kenneth GordonYYYY  
Kenneth Train  YYYAssociate Director
Kent AndersonYYYY  
Kent Van Liere    YManaging Director
Kevin Counsell    YSenior Consultant
Kristin Terris    YAssociate Director
Kristina Sepetys YYY  
Kristopher A. Boushie    YAssociate Director
Kurt Strunk  Y YDirector
L. Alan Winters  YY  
Laura Brien Y   Senior Consultant, San Francisco 
Laura T. W. Olive    YSenior Consultant
Lauren Stiroh  YYYManaging Director. Chair of NERA‘s Global Antitrust and Competition Practice
Lawrence Wu  YYYPresident
Leonard Waverman  YY  
Leonardo Giacchino  YY  
Lewis Evans    YAffiliated Academic
Linda McLaughlinYYYYYAffiiated Consultant
Lisa Correa  YY  
Louis GuthYYYY  
Lucy Eyre  YY  
Lucy P. AllenYYYYYManaging Director
Luisa Affuso  YY  
Marc Ivaldi    YAffiliated Academic
Marcella Fantini  YY  
Marcelo Rabinovich    YSenior Consultant
Marcia Kramer MayerYYYYYManaging Director
Marco Schönborn    YSenior Consultant
Marion StewartYYYY  
Mark BerkmanYY   Vice President, San Francisco 
Mark L. Berenblut    YAffiiated Consultant
Mark Williams  YY  
Marta Moro    YSenior Consultant
Martin Siner  YY  
Mary Elizabeth C. Stern  YYYDirector
Mary Starks  YY  
Matthew Evans  YY  
Melissa Pittaoulis    YAssociate Director
Michael Baye    YAffiliated Academic
Michael Buckland  YY  
Michael Gorman  YY  
Michael Noel  YY  
Michael QuinnYY   Senior Consultant, Cambridge
Michael RosenzweigYYYYYAffiiated Consultant
Michael SalingerYYYY  
Michael Spackman  YYYAffiiated Consultant
Michael TennicanYYYY  
Mike King  YYYAffiiated Consultant
Monica Gandolfi  YY  
Nadia Soboleva    YSenior Consultant
Nadine Watson  YY  
Naoya Kaneko    YSenior Consultant
Nathan Blalock    YSenior Consultant
Nathan Larson  YY  
Neil Dryden  YY  
Nicola Tosini    YSenior Consultant
Nigel Attenborough  YYYAffiliated Industry Expert
Nihan Mert-Beydilli  YYYAssociate Director
Nina Shore  YY  
Nobuo Mori  YY  
Oksana Kitaychik    YAssociate Director
Oscar Arnedillo  YYYManaging Director
Pana Della ValleYY   Senior Consultant, New York City 
Paola Valenti  YY  
Patrick Conroy  YYYManaging Director. Chair of NERA‘s Securities and Finance Practice
Patrick Smith  YY  
Paul Bernstein    YAssociate Director
Paul BrandonYYYY  
Paul GriffinYY   Special Consultant, San Francisco 
Paul Hinton  YY  
Paul Hofer  YY  
Paul JoskowYY   Special Consultant, Cambridge 
Paul Wertheim    YAffiliated Academic
Paul Wong    YSenior Consultant
Pedro Luis Sanchez  YY  
Pedro Posada    YAssociate Director
Perry SioshansiY    Senior Consultant, San Francisco 
Peter Abegg  YY  
Peter Boenisch    YSenior Consultant/Principal
Peter Goate  YY  
Peter GriffesYY   Senior Consultant, San Francisco 
Peter MaxYYYY  
Philip de Homont    YAssociate Director
Philip Kalmus  YY  
Phillip BeutelYYYY  
Phillip Winterfeldt  YY  
Phoebus Dhrymes  YY  
Pieter (Pim) Fris  YY  
Pim Fris    YAffiiated Consultant
Pinar Bagci  YY  
Rachel Goodyer  YY  
Ramsey Shehadeh  YYYManaging Director
Ramzi Zein  YY  
Raymund Wong    YAssociate Director
Rebecca Billings    YAssociate Director
Richard Bergin  YY  
Richard Druce    YAssociate Director
Richard Hern  YYYManaging Director
Richard J. Eichmann    YDirector
Richard Marsden    YManaging Director
Richard RappYYYY  
Richard RozekYYYY  
Richard SchmalenseeYYYY  
Robert (Russ) O’Haver  YY  
Robert Hahn  YY  
Robert KneuperYY   Senior Consultant, Washington D.C.
Robert Mackay  YYYAffiiated Consultant
Robert Patton    YAssociate Director
Robert PetersenYY   Senior Consultant, San Francisco 
Robert PorterYY   Special Consultant, White Plains
Robert Rubinovitz  YY  
Robert Southern    YManaging Director
Rocio Concha  YY  
Rodney FrameY    Vice President, Washington D.C. 
Ron Miller  Y  Senior Consultant, New York 
Sally HuntYYYY  
Sandra Ringelstetter Ennis    YChief Operating Officer. Managing Director
Sarah Butler  YYYManaging Director
Sarah Voll  YY  
Satoshi Nakashima   Y  
Saul Estrin  YY  
Scott J. Bloomberg    YAssociate Director
Scott ThomasYYYY  
Sean Gammons  YYYManaging Director
Sébastien Gonnet    YDirector
Sharon Brown-Hruska    YDirector
Shuchi Satwah  YY  
Simeon Thornton  YY  
Soren Tang Sorensen    YAssociate Director
Sorin M. Sorescu    YAffiliated Academic
Sourav Chatterjee  YY  
Stefan Berger    YSenior Consultant
Stefan Boettrich    YSenior Consultant
Stephanie Demperio    YSenior Consultant
Stephanie Plancich  YYYAssociate Director
Stephen Gibson  YY  
Stephen Powell  YY  
Stephen St. MarieYY   Senior Consultant, San Francisco 
Stephen UsherYYYY  
Steven BloomY    Senior Consultant, New York City 
Steven SchwartzYYYY  
Stuart Gabriel YYY  
Stuart Holder  YY  
Stuart L. Harshbarger    YDirector
Subramaniam (Subbu) RamanarayananYAssociate Director
Sugandha D. Tuladhar    YAssociate Director
Sumanth AddankiYYYYYManaging Director
Svetlana Starykh  YYYSenior Consultant
Takefumi Suzuki  YY  
Tamane Ozeki  Y  Consultant, Chiyoda-ku, Tokyo
Thilo Klein  YY  
Thomas Bornholdt  YY  
Thomas L. Porter  YY  
Thomas McCarthyYYYYYManaging Director. Health Care Practice Chair
Tilling Lee    YSenior Consultant
Tim Booer  YY  
Timothy Daniel  YY  
Timothy McKenna    YAssociate Director
Timothy P. Daniel Y   Vice President, Washington D.C. 
Timothy TardiffYYYY  
Timothy Watts    YDirector
Todd Foster  YY  
Todd MorrisonYYYYYAffiiated Consultant
Tom Braukmann    YPrincipal
Tom Hird  YY  
Tomas Haug    YDirector
Tsuruhiko Nambu  YY  
Tsvetan Beloreshki  YY  
Ulrich Schwalbe    YAffiliated Academic
Vakhtang Kvekvetsia  YYYAssociate Director
Vernon Noronha  YY  
Veronica Irastorza    YAssociate Director
Victor GoldbergYYYYYAffiliated Academic
Victor Miesel  YY  
Vinita JunejaYYYYYManaging Director. Chair of NERA‘s White Collar, Investigations and Enforcement Practice
Vladimir Starkov    YAssociate Director
W. David Montgomery    YAffiiated Consultant
W. Kip Viscusi YYY  
Walter SurrattYYYY  
Wayne Olson  YY  
William Baker  YYYAffiiated Consultant
William P. Hrycay    YSenior Consultant
William Rankin  YY  
William S. Taylor    YSenior Consultant
William TaylorYYYY  
Willis Geffert    YSenior Consultant
Yogesh Sharma  YY  
Yuko Saito    YAssociate Director
Zava Aydemir  YY  


March 2017

NERA‘s report, “Impacts of Greenhouse Gas Regulations On the Industrial Sector,”  would go on to be cited by Donald Trump supporting his decision to withdraw the U.S. from the Paris Climate Agreement. [7]

According to a fact check at Politifact, the statistics should be taken “with a grain of salt.” A separate team of professors, economists, and scientists at Climate Feedback had reviewed the study after it was previously cited by failed Republican Presidential candidate (and climate science denier) Ted Cruz. A majority of the reviewers found the study was “biased, inaccurate, misleading.” [23], [24]

fact check of Donald Trump’s speech by Associated Press, where he cited the NERA study, points out: [25]

The study makes worst-case assumptions that may inflate the cost of meeting U.S. targets under the Paris accord while largely ignoring the economic benefits to U.S. businesses from building and operating renewable energy projects.

Academic studies have found that increased environmental regulation doesn’t actually have much impact on employment. Jobs lost at polluting companies tend to be offset by new jobs in green technology.” [25]

September 9, 2014

As DeSmog reported, NERA Consulting was behind one of several reports that the Government Accountability Office (GAO) reviewed before reaching its final conclusion pushing for a lifting of the oil eport ban. [26]

NERA‘s report, titled “Economic Benefits of Lifting the Crude Oil Export Ban,” was prepared for the Brookings Institute.  Page 95 of the report presents a simplified cost benefit analysis regarding CO2 emissions: [27]

“Considering the latest guidance from the U.S. EPA on the social cost of carbon is estimated to be $30 per ton of CO2, the costs of using an oil export ban as a means of limiting emissions are 30 to 45 times as large as the benefits.”[27]

July 29, 2014

W. David Montgomery,  Senior Vice President at NERA Economic Consulting, submitted testimony before the United States Senate on “The Economic and Budgetary Consequences of Climate Change.” [28]

In his testimony, Montgomery suggests a strategy of adaption and contends that reducing U.S. emissions would have a “paltry difference” in global warming: [28]

“It is true that most of the damage from climate change will not occur in the U.S. but rather in poor countries in equatorial regions – in other words, in regions where failed states, rapacious dictators, and ethnic and religious violence are endemic. The paltry difference in global warming that the US can make by reducing emissions will not help those countries. I believe that we have both a national interest and moral obligation to provide effective, community based aid to those countries to assist them in adaptation.” [28]

February 17, 2013

NERA Economic Consulting produced a report for the National Assocation of Manufacturers (NAM) on the “Economic Outcomes of a U.S. Carbon Tax.” The 2013 study was later cited on July 10, 2015 by Jay Timmons, CEO of the National Association of Manufactures (NAM), in a a letter to the editor in the Wall Street Journal responding to an opinion piece discussing Senator Chuck Schumer’s (D-NY) support for a carbon tax. [29], [30]

According to the Partnership For Responsible Growth, the study “is flawed in both design and interpretation. It finds that any revenue raised by a carbon tax would be outweighed by the economic cost. This is simply false.”

The Partnership article adds, “NAM’s report is misleading at best — at worst, it is a political tool they use to turn attention away from the positive merits that a carbon fee could bring the country.” [30]

The NAM/NERA report determines that GDP would be reduced by about $97 billion in 2023 if the $20/ton tax was implemented. In the case of the 80 percent reduction in emissions, the report found GDP would be cut by $1.4 trillion by 2053. [30]

November 19, 2012

As revealed by Reuters and reported at DeSmog, NERA Economic Consulting was the third party contractor behind a 2011 report written on behalf of the American Coalition for Clean Coal Electricity (ACCCE). The ACCCE report concluded that “clean-air rules proposed by the Obama administration would cost utilities $17.8 billion annually and raise electricity rates 11.5 percent on average in 2016.” [31], [32], [33]

According to the full NLG study’s “key findings,” the U.S. was projected to “gain net economic benefits from allowing LNG exports. Moreover, for every one of the market scenarios examined, net economic benefit increased as the level of LNG exports increased.” [34]

March 1, 2012

NERA Economic Consulting published a report titled “An Economic Impact Analysis of EPA’s Mercury and Air Toxic Standards Rule” which supported the coal industry’s claim that the EPA‘s Mercury and Air Toxics Standards (MATS) Rule would cost the U.S. tens of billions of dollars and “kill” 180,000-215,000 jobs. [35]

Those same figures were picked up and cited by prominent climate change denier U.S. Sen. James Inhofe (R-OK) in June of 2012 when he spoke against President Barack Obama’s so-called “war on coal,” as well as by the Republican Policy Committee in a May 2012 paper titled, “Obama’s War on Coal.”  [36], [37]

April 29, 2010

NERA published a letter to the New York Department of Environmental Protection (DEP) to protest the prospective closure of the Indian Point Nuclear Power Plants. [38]

NERA Economic Consulting’s parent company is the Oliver Wyman Group, which is in turn a child company of the Marsh & McLellan Companies group. Marsh & McLellan Companies include: [39]

  • Marsh 
  • Guy Carpenter
  • Mercer
  • Oliver Wyman Group
    • Oliver Wyman
    • Lippincott
    • NERA Economic Consulting

Contact & Address

NERA Economic Consulting’s “Global Headquarters” is listed as follows. NERA also maintains over 25 offices in North America, Europe, and Asia Pacific. [40]

NERA Economic Consulting
1166 Avenue of the Americas
29th Floor
New York, NY 10036
P: +1 212 345 3000
F: +1 212 345 4650

Social Media


  1. History,” NERA economic consulting. Archived June 21, 2017. URL
  2. Irwin M. Stelzer: Senior Fellow,Hudson Institute. Archived June 21, 2017. URL
  3. Blair’s salad days with Murdoch’s guru,” The Guardian, October 17, 2004. Archived June 21, 2017. URL:
  4. Susan S. Lang. “Economist Alfred Kahn, ‘father of airline deregulation’ and former presidential adviser, dies at 93,” Cornell Chronicle, December 27, 2010. Archived June 21, 2017. URL:
  5. NERA Economic Consulting is a global firm of experts dedicated to applying economic, finance, and quantitative principles to complex business and legal challenges,” NERA Economic Consulting. Archived June 21, 2017. URL
  6. Graham Readfearn. “Tobacco To Fossil Fuels: Tracing the Roots of Trump’s Claims on Paris Climate Deal,” DeSmog, June 1, 2017.
  7. “Impacts of Greenhouse Gas Regulations On the Industrial Sector” (PDF), NERA Economic Consulting, March 2017.
  8. Graham Readfearn. “Tobacco To Fossil Fuels: Tracing the Roots of Trump’s Claims on Paris Climate Deal,” DeSmog, June 1, 2017.
  9. American Council for Capital Formation,” Conservative Transparency. Accessed June 21, 2017.
  10. Energy,” NERA Economic Consulting. Archived June 23, 2017. URL: 
  11. Environmental Economics,”NERA Economic Consulting. Archived June 23, 2017. URL:
  12. “Energy,” NERA Economic Consulting, November 13, 2013.
  14. Steve Horn. “Smoke and Mirrors: Obama DOE Fracked Gas Export Study Contractor’s Tobacco Industry Roots,” DeSmog, January 24, 2013.
  15. MEMORANDUM,” The Tobacco Institute, December 12, 1994. Retrieved from Truth Tobacco Industry Documents library. Bates No. TI31780741TI31780742.
  16. HEALTH SECRETARY BACKS SMOKING BAN,” The Prince George’s Journal, February 28, 1995. Retrieved from Truth Tobacco Industry Documents library. Bates No. TI17181690.
  17. Bernard J. Reddy. “Does Advertising Affect Cigarette Consumption? A Critical Review of the Literature,” N/E/R/A, December 19, 1990. Retrieved from Truth Tobacco Industry documents library. Bates No. 2500081233-2500081586.
  18. Bernard J. Reddy. “Advertising and Cigarette Consumption: Is the Literature All Smoke?” N/E/R/A, December 19, 1990. Retrieved from Truth Tobacco Industry documents library. Bates No. 2500081194-2500081230.
  19. MEMORANDUM: NERA Study,” January 25, 1991. Retrieved from Truth Tobacco Industry Documents library. Bates No. 2500081231-2500081232.
  20. GROUP MEETING/UPDATE,” August 17, 1990. Retrieved from Truth Tobacco Industry Documents library. Bates No. 2500081231-2500081232.
  21. Bill Shew. “Costs & Benefits of Smoking,” N/E/R/A, May 30, 1986. Retrieved from Truth Tobacco Industry Documents library. Bates No. 515656580-515656598
  22. “At a Glance: Climate Change” (PDF), NERA Economic Consulting. September, 2012.
  23. Jon Greenberg. “Fact-checking Donald Trump’s statement withdrawing from the Paris climate agreement,” Politifact, June 1, 2017. Archived June 21, 2017. URL:
  24. In Paris Agreement op-ed, US Senator Ted Cruz misrepresents the costs and benefits of reducing greenhouse gas emissions,” Climate Feedback, May 31, 2017. Archived June 21, 2017. URL:
  25. AP fact check: Trump’s shaky claims on climate accord,Daily Herald, June 2, 2017. Archived June 21, 2017. URL:
  26. Justin Mikulka. “Government Accountability Office Report on Oil Export Ban Based On Industry-Funded Studies,” DeSmog, November 15, 2014.
  27. Economic Benefits of Lifting the Crude Oil Export Ban,” NERA Consulting, September 9, 2014.
  28. Prepared Testimony of W. David Montgomery, Ph.D. Submitted to the Committee on the Budget United States Senate. The Costs of Inaction: The Economic and Budgetary Consequences of Climate Chang,” NERA Consulting, July 29, 2014.
  29. “Economic Outcomes of a U.S. Carbon Tax” (PDF), NERA Economic Consulting, February 17, 2013.
  30. WSJ REACTION: ‘ECONOMIC OUTCOMES OF A U.S. CARBON TAX,” Partnership for Responsible Growth, July 21, 2015. Archived June 22, 2017. URL:
  31. US LNG exports study conducted by NERA Economic Consulting-sources,” Reuters, November 19, 2012. Archived June 20, 2017. URL:
  32. Revealed: NERA Economic Consulting is Third Party Contractor for DOE LNG Export Study,” DeSmog, November 19, 2012.
  33. New Analysis Finds EPA‘s Power Plant Regulations Would Increase Electricity Costs; Lose Jobs,” America’s Power, June 8, 2011. URL:
  34. “Macroeconomic Impacts of LNG Exports from the United States” (PDF), NERA Economic Consulting, December 3, 2012.
  35. An Economic Impact Analysis of EPA’s Mercury and Air Toxics Standards Rule,” NERA Economic Consulting, March 1, 2012.
  36. Inhofe: Senate Will Vote in Next Two Weeks on Effort to Stop Obama War on Coal,” U.S. Senate Committee on Environment & Public Works, June 4, 2012. Archived June 8, 2012. URL:
  37. Obama’s War on Coal,” Senate Republican Policy Committee, May 15, 2012. Archived June 21, 2017. URL:
  38. New York State Department of Environmental Conservation,” NERA Economic Consulting, April 29, 2010. Retrieved from New York Depatment of Environmental Conservation.
  39. MARSH & McLENNAN COMPANIES (NYSE: MMC) ,” NERA Economic Consulting. Archived June 23, 2017. URL:
  40. Our global team of more than 500 professionals operates in more than 25 offices.” NERA Economic Consulting. Archived June 23, 2017. URL:

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