policy shock are in line with economic theory and previous empirical evidence. The adjustment of labour input is primarily … shock. Over the more recent period this result is overturned with bigger and faster response in average hours two quarters … after the shock. We interpret this result as being suggestive of labour market reforms during the 1980s having reduced the …

negative shock. The current low interest rate environment limits the tools the central bank can use to stabilize the economy …

.K., Germany and Italy, for the period 1980:4-2009:4, encompassing macro, fiscal and financial variables. The results show that (i … economic growth to a fiscal shock are mostly positive in both financial stress regimes; (iii) financial stress has a negative … shock is mainly associated with different behaviour across regimes; (v) the size of the fiscal multipliers is higher than …

, France and Italy lead to significant increases in imports from a number of European countries. In order to mimic the case of …

spending shock and a negative and a positive government revenue shock. These eight different types of unanticipated fiscal … augmented with four lags of each fiscal shock …