weather events on changes in public budgets. We apply alternative measures for large scale extreme weather events and conclude … countries face a much larger effect on changes in budget balances following an extreme weather event than do advanced economies …. Based on these findings, we discuss implications for fiscal policy and publicly-provided disaster insurance. Our policy …

where (i) the shock of interest is observed, (ii) the impact variable of interest is observed at a lower frequency (as a … frequency of the shock, and (iv) the full set of relevant endogenous variables entering the DGP is unknown or unobserved …

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 …

-2012) in the Polish economy. The empirical findings show that: (1) output appears more responsive to an interest rate shock at … the beginning of our sample. Since 2000, absorbing this shock has become less costly in terms of output, notwithstanding … some reversal since the beginning of the global financial crisis. The exchange rate shock also has a time-varying effect on …

This paper assesses the impact of weather shocks on inflation components in the four largest euro area economies. We … combine high-frequency weather data with monthly data on inflation and output growth within a set of Bayesian Vector Autore …-gressions which explicitly considers the seasonal dependence of the shock. Results suggest the presence of significant country …

dollar shock, generalised impulse response function shocks and a global shock to risk aversion. Our results show that the way … depends crucially on the nature of the shock. This result is noteworthy given the apparent divergence in competitiveness …

overwhelmingly large. This finding is also confirmed under different identification strategies for the monetary policy shock …