This paper estimates the GDP impact of legislated tax changes in Spain using a newly constructed narrative record for the period 1986-2015. Our baseline estimates suggest that a 1% of GDP increase in exogenous taxes depresses output by around 1.3% after one year, this negative effect fading away...

Using the bottom-up approach of Romer and Romer (2010), we construct a narrative dataset of net-revenue shocks for Germany by extending the tax shock series of Hayo and Uhl (2014) and coding a shock series for social security contributions, benefits and transfers. We estimate the multiplier...

This paper studies for the first time the impact on various measures of economic efficiency of regulatory complexity by sector in Spain. We base our analysis on an innovative database that classifies 206,777 regulations by economic sector and region, which highlights the growing volume of...

The Phillips curve has flattened in Spain over 1995-2006: unemployment has fallen by 15 percentage points, with roughly constant inflation. This change has been more pronounced than elsewhere. We argue that this stems from the immigration boom in Spain over this period. We show that the New...

This paper estimates the steady state mark-ups of 23 branches of activity in seven developed countries (USA, Japan, Germany, France, UK, Italy and Spain). The empirical methodology departs from the Hall (1988) seminal approach and incorporates the possibility of non-competitive labour markets....

In this paper we use the Continuous Sample of Working Histories 2005 (MCVL2005) to analyze the earnings assimilation of migrants from outside the EU-15 in Spain. Using our panel dataset we show that immigrants reduce around the half of the initial wage gap respect to natives the first 5 to 6...

After a long debate on wine import tariffs, the Italian Parliament rejected the Spanish-Italian trade agreement on 17 December 1905. This decision left Spain and Italy without a bilateral trade treaty for an entire decade. In the literature, broader political issues and local interests are...

Did the rise of Chinese import competition in the early 2000s affect banks' credit supply policies? Using bank-firm-level data on the universe of Spanish corporate loans, we find that banks rebalanced their loan portfolios away from firms facing Chinese import competition and towards profitable...

We construct Economic Policy Uncertainty (EPU) indexes for a number of Latin American (LA) economies (Argentina, Brazil, Chile, Colombia, Mexico, Peru, Venezuela) and the region as a whole based on the Spanish press. Our measures are comparable across countries. We study the macroeconomic...

Using a dataset that merges information of loan applications from the Spanish CCR with firms' financial accounts, we find that during the great recession access to credit of firms with weak balance sheets deteriorated relative to other firms. However, contrary to the financial accelerator...