accounts for the interaction between temperature, economic growth and risk. The model simultaneously matches the projected … temperature path, the observed consumption growth dynamics, discount rates provided by the risk-free rate and equity market …

Two centuries ago, in most countries around the world, women were unable to vote, had no say over their own children or …

In this paper we show that temperature is an aggregate risk factor that adversely affects economic growth. Our argument … temperature (i.e., temperature betas) contains sharp information about the cross-country risk premium; countries closer to the … Equator carry a positive temperature risk premium which decreases as one moves farther away from the Equator. The differences …

A basic prediction of effcient risk-sharing is that relative consumption growth rates across countries or regions …, employing a newly constructed multi-country and multi-regional data set. Within countries, we find signifcant evidence for risk …. We identify this failure of risk sharing as a border effect. We find that the border effect is substantially (but not …

) bilateral exports to the United States. The patterns in the data are consistent with the theory. The mean and the variance of …

because the former allows risk sharing across countries while the latter does not. The analysis is performed in a two …-country overlapping generations model, where markets are incomplete under either exchange regime. In this second best world, it is … demonstrated that the ability to share risk across countries in the fixed rate regime does not necessarily lead to higher welfare …