We take a new approach to the study of the impact of EMU on consumption smoothing that allows a broader range of channels to enter into view. It is no longer simply a question of the smoothing of asymmetric output shocks via cross-country holdings of property and claims, as is often the case....

We construct new series for common native language and common spoken language for 195 countries, which we use together with series for common official language and linguistic proximity in order to draw inferences about (1) the aggregate impact of all linguistic factors on bilateral trade, (2)...

Official calculations of automatic stabilizers are seriously flawed since they rest on the assumption that the only element of social spending that reacts automatically to the cycle is unemployment compensation. This puts into question many estimates of discretionary fiscal policy. In response,...