Hüttl, Pia; Baumgartner, Simon - 2023
unemployment on voting behaviour. We construct an instrument for unemployment based on the city-level exposure to foreign weak … banks. We find that a one standard deviation increase in instrumented unemployment translates into a 7 percentage increase …-firm connections and electoral outcomes at the city-level during the 2008-2014 Spanish Financial Crisis. First, we show that firms in a …