We assess the extent to which fiscal transfers smooth regional shocks in three large federations: the U.S., Canada, and … Australia. We find that fiscal transfers offset 4-11 percent of idiosyncratic shocks (risk-sharing) and 13-24 percent of … permanent shocks (redistribution). This fiscal insurance largely operates through automatic stabilizers embedded in a central …

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

This paper studies stylized business cycle properties of household production in four industrialized countries (Canada …, the United States, Germany, and Japan). We employ a dynamic small open economy business cycle model that incorporates a …

and associated inflation expectations for the United States, Australia, Canada, France, Sweden, Japan, and the United …

effectiveness may moderate in graying societies. It then uses Bayesian estimation techniques for the U.S., Canada, Japan, U.K., and …