channels, concentrated in risk neutral rates (expectations of future MP rates) for developed countries, but predominantly on …, responding partially with risk neutral rates, and partially through currency adjustments. Emerging countries display patterns …

economic growth to a fiscal shock are mostly positive in both financial stress regimes; (iii) financial stress has a negative … shock is mainly associated with different behaviour across regimes; (v) the size of the fiscal multipliers is higher than …

higher income and higher levels of consumption are affected more by this shock than households located towards the lower end … effect of this shock on aggregate output. …

higher income and higher levels of consumption are affected more by this shock than households located towards the lower end … effect of this shock on aggregate output. …