unemployment increase in Spain can be traced back to the debt deleveraging needs of Spanish households. We use provincial household … debt and sectoral unemployment data and follow Mian and Sufi (2012) to isolate the effect of household debt on Spanish … unemployment. We find that the level of household sector debt in Spanish provinces in 2007 is a highly significant determinant of …

assess short-term regimes of aggregate demand and distribution in Germany. The obtained Impulse Response Functions (IRFs) of …