In this paper we analyze the evolution of beer consumption between countries and over time. Historically, there have been major changes in beer consumption in the world. In recent times, per capita consumption has decreased in traditional ' beer drinking nations' while it increased strongly in...

Standard models of international risk sharing with complete asset markets predict a positive association between relative consumption growth and real exchange-rate depreciations across countries. The striking lack of evidence for this link - the consumption/real exchange-rate anomaly or...