This paper provides new evidence on the effects of government spendingshocks and the fiscal transmission mechanism in the euro area for the period1980-2008. Our contribution is two-fold. First, we investigate changes in themacroeconomic impact of government spending shocks using...

We empirically investigate the effects of fiscal policy on bank balance sheets, focusing on episodes of fiscal consolidation. To this aim, we employ a very rich data set of individual banks' balance sheets, combined with a newly compiled data set on fiscal consolidations. We find that standard...

Tras la crisis económica y financiera, ha emergido en Europa un amplio consenso sobre la necesidad de reforzar la dimensión fiscal para completar la Unión Económica y Monetaria (UEM). Este documento analiza el papel de las transferencias interregionales en algunas de las principales...