, reduces world real GDP per capita by 7.22 percent by 2100. On the other hand, abiding by the Paris Agreement, thereby limiting …

' integration with the rest of the world. First, accuracy worsens as direct bilateral transmission channels become less important … with the rest of the world. Second, accuracy worsens as indirect higher-order spillovers and spillbacks become more … important, for example when the spillover-recipient is more integrated with the rest of the world overall. Empirical evidence on …