We study the macroeconomic consequences of tariffs. We estimate impulse response functions from local projections using a panel of annual data that spans 151 countries over 1963-2014. We find that tariff increases lead, in the medium term, to economically and statistically significant declines...

This paper empirically examines the effects of fiscal policy measures during the COVID-19 pandemic, using a novel database of daily fiscal policy announcements-classified by type of fiscal measure-and high-frequency economic indicators for 52 countries from January 1 to December 31, 2020. The...

While the COVID-19 pandemic is affecting all countries, output losses vary considerably across countries. We provide a first analysis of robust determinants of the observed initial output losses using model-averaging techniques-Weighted Average Least Squares and Bayesian Model Averaging. The...