the value of broad-based market indices and their dividends. We also show that this relationship is consistent with …

cointegration with the Joint Radiative Forcing (JRF) of the drivers of climate change. Under a ‘no change’ scenario, the most … evidence suggests that previous cointegration-based studies of climate change suffer from model mis-specification. …

This paper considers the effect of systemic financial crises on aggregate consumption. Using a sample of 23 countries … over 32 years, we find that consumption growth seems lower during banking crises, crises following credit booms and crises … the long run, consumption appears to be linked to income, housing and other financial wealth. …