sharing comes mostly from the convergence in rates of consumption growth among countries rather than from synchronization of … consumption at the business cycle frequency. Our finding explains why many existing measures fail to detect improved risk sharing …

We estimate consumption dynamics in the G-7 economies, paying particular attention to the possibility of precautionary … consumption growth. As such, consumption in the G-7 economies is unlikely to be the engine that revives global growth. Differences … in the pace and timing of consumption moderation have implications for the evolution of global imbalances. With the U …