Since at least T.H. Marshall, scholars have recognized military service as a form of sacrifice that warrants compensation from the state. Indeed, some see the very genesis of the modern welfare state as compensation for wartime sacrifice. War-widow pensions, expansion of the franchise, and...

Since at least T.H. Marshall, scholars have recognized military service as a form of sacrifice that warrants compensation from the state. Indeed, some see the very genesis of the modern welfare state as compensation for wartime sacrifice. War-widow pensions, expansion of the franchise, and...

We exploit regional variations in exposure to heat stress to study if physical climate risk is priced in municipal and corporate bonds as well as in equity markets. We find that local exposure to damages related to heat stress equaling 1% of GDP is associated with municipal bond yield spreads...