, 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 …

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

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

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 …

-stock model where supply shocks dominate. In contrast to the United States, inventories boost growth with a one-year lag in Europe …