  I propose a new conceptual framework to disentangle the impacts of weather
and climate on economic activity and growth: A stochastic frontier model with
climate in the production frontier and weather shocks as a source of
inefficiency. I test it on a sample of 160 countries over the period 1950-2014.
Temperature and rainfall determine production possibilities in both rich and
poor countries; positively in cold countries and negatively in hot ones.
Weather anomalies reduce inefficiency in rich countries but increase
inefficiency in poor and hot countries; and more so in countries with low
weather variability. The climate effect is larger that the weather effect.
