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We suggest approximating the consumption streams of countries belonging to the risk sharing coalition in terms of a disequilibrium dynamic model embodying forward\u2010looking adjustment. Econometric methods for estimating and testing the model are discussed. Empirical analysis of a set of core European countries suggests that once preference parameters are allowed to vary across countries, we are able to identify a group of nations that share risks against idiosyncratic permanent income shocks. The equilibrium position, however, is reached after a long adjustment period. Copyright \u00a9 2008 John Wiley &amp; Sons, Ltd.<\/jats:p>","DOI":"10.1002\/jae.968","type":"journal-article","created":{"date-parts":[[2008,2,20]],"date-time":"2008-02-20T17:22:28Z","timestamp":1203528148000},"page":"1-16","source":"Crossref","is-referenced-by-count":5,"title":["International dynamic risk sharing"],"prefix":"10.1002","volume":"23","author":[{"given":"Giuseppe","family":"Cavaliere","sequence":"first","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Luca","family":"Fanelli","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Attilio","family":"Gardini","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"311","published-online":{"date-parts":[[2008,2,21]]},"reference":[{"key":"e_1_2_8_2_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jimonfin.2004.03.005"},{"key":"e_1_2_8_3_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2003.09.002"},{"key":"e_1_2_8_4_1","doi-asserted-by":"publisher","DOI":"10.2307\/2946708"},{"key":"e_1_2_8_5_1","doi-asserted-by":"publisher","DOI":"10.1016\/0022-1996(93)90021-O"},{"key":"e_1_2_8_6_1","doi-asserted-by":"publisher","DOI":"10.1086\/261838"},{"key":"e_1_2_8_7_1","doi-asserted-by":"crossref","unstructured":"BenignoL ThoenissenC.2006.Consumption and real exchange rates with incomplete markets and non\u2010traded goods. 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