, covariance with the world market or other risk factors, or performance in adverse economic states of the world. While there is …

, Europe and Japan allowing for fiscal multipliers to vary across recessions and booms. We also estimate ex ante probabilities …

.S., Canada, Australia and Germany. It finds that, as for central governments, fiscal fundamentals matter in the pricing of risk …

Australia. We find that fiscal transfers offset 4-11 percent of idiosyncratic shocks (risk-sharing) and 13-24 percent of …

This paper examines the drivers, and reestimates the size of shadow economies in Europe, with a focus on the emerging … economies, and recommends policies to increase formality. The size of shadow economies declined across Europe in recent years … but remains significant, especially in Eastern Europe. In the emerging European economies, the key determinants of shadow …

a set of 21 Europe countries, we show that while the short-term response of participation rates to labor demand shocks … is typically larger in Europe than in the US, the immediate response of net migration in Europe has increased over time …