  We study the impact of climate volatility on economic growth exploiting data
on 133 countries between 1960 and 2019. We show that the conditional (ex ante)
volatility of annual temperatures increased steadily over time, rendering
climate conditions less predictable across countries, with important
implications for growth. Controlling for concomitant changes in temperatures, a
+1 degree C increase in temperature volatility causes on average a 0.3 percent
decline in GDP growth and a 0.7 percent increase in the volatility of GDP.
Unlike changes in average temperatures, changes in temperature volatility
affect both rich and poor countries.
