Fiscal stimulus during the Great Recession consisted mainly of transfers, rather than
government purchases. This paper analyzes the role of marginal propensities to consume (MPCs) …

Supply constraints hurt the economic recovery and boosted inflation in 2021. We find that in
the euro area, manufacturing output and GDP would have been about 6 and 2 percent …

The EU’s fiscal framework needs reform. While existing fiscal rules have had some impact
in constraining deficits, they did not prevent deficits and debt ratios that have threatened the …

From a normative perspective, however, there is no ambiguity: with larger differences in
MPCs, optimal policy can obtain macro stabilization with smaller welfare losses. In Chapter 2, I …

This paper calibrates the model of a real economy in which inflation is introduced as an
idiosyncratic shock to firms’ costs. Inflation induces relative price variability, eroding long-term …

… Raphael Lam, Paulo Medas, Julia Otten, Louise Rabier, Christiane Roehler, Asghar
Shahmoradi, Mariano Spector, Sebastian Weber, and Jeromin Zettelmeyer … Spector …

The EU’s fiscal framework needs reform. While existing fiscal rules have had some impact
in constraining deficits, they did not prevent deficits and debt ratios that have threatened the …

We pose the question of whether the distribution of abilities can explain differences in the
size distribution of firms between countries. We first show that in cross-country as well as in …

… Indeed it seems likely that the variants represent different phases in the life of the same cell:
MARIANO and SPECTOR (1) found that the earliest macrophage polykaryons to appear on …