US federal transfers to individuals are large, countercyclical, vary geographically, and are often credited for helping stabilize regional economies. This paper estimates the short-run effects of these transfers using plausibly exogenous regional variation in temporary stimulus packages and...

The recent COVID-19 pandemic and the subsequent economic downturn due to the lockdown of economic activities have spurred a lively debate concerning their effects across locations in the EU and the resulting challenges to territorial cohesion policy. The COVID-19 emergency not only has provoked...