We revisit the Armington model developed by Feenstra et al. (2018) that allows the elasticity of substitution between the domestic and foreign varieties to be different from that between alternative foreign varieties. We develop a novel two-stage gravity-based framework to estimate these two...

We provide novel evidence that accumulated heat exposure affects economic activity in ways that are distinct from shifts in the temperature distribution. We first derive new measures of accumulated heat exposure, which we validate by successfully reproducing well-known heat waves with a global...