I evaluate the effects of COVID-19 across countries. Where income is low, fewer jobs can be performed from home, the hospital capacity is lower, and enduring long periods with no income is harder, making the crisis more dire. On the other hand, younger populations make death less likely in low...

Empirically, the relative volatility of consumption to output decreases with income. The standard small-open economy real business cycle model, however, produces a positive relationship. We can recover the negative relationship when we augment the standard model with micro-founded expropriations...