and consumption. Most integrated assessment models (IAMs) relate temperature to the level of real GDP and consumption, but … uncertainty over future temperature change and its impact? I address these questions by estimating the fraction of consumption …

A basic prediction of effcient risk-sharing is that relative consumption growth rates across countries or regions … sharing: episodes of high relative regional consumption growth are associated with regional real exchange rate depreciation …. Across countries however, the association is reversed: relative consumption and real exchange rates are negatively correlated …