We investigate the relevance of the characteristics of the Ministers of Finance in influencing, via their implementation of fiscal policies, the developments, in stock returns, sovereign yields and fiscal outcomes. For a panel of 27 EU countries, covering the period 1980-2012, we find that...

We investigate empirically how industrialized countries and U.S. states share consumption risk at horizons between one and thirty years. U.S. federal states share about 50 percent of their permanent idiosyncratic risk through cross-state capital income flows. While insurance against transitory...