We show that countries that take on more international risk are rewarded with higher expected consumption growth. International risk is defined as the beta of a country’s consumption growth with world consumption growth. High-beta countries hold more foreign assets, as predicted by the theory....

In this article, Professor Kaswan argues that hoped-for greenhouse gas reductions cannot be achieved without reducing consumption. Given their control over land use and buildings, cities can play a key role in reducing consumption. She argues that, while existing federal proposals for a...