Research classified by Journal of Economic Literature (JEL) codes

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Top JEL
/ E: Macroeconomics and Monetary Economics
/ / E6: Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
/ / / E62: Fiscal Policy; Modern Monetary Theory

2021

• Gopalakrishnan, Pawan & Saha, Anuradha, 2021, "Tax Policy And Food Security: A Dynamic Analysis," Macroeconomic Dynamics, Cambridge University Press, volume 25, issue 3, pages 795-823, April.
• Velichka Nikolova, 2021, "Effects Of The Global Economic Crisis And The Covid-19 Pandemic On Sovereign Debt Management In Heavily Indebted Countries," Economic Archive, D. A. Tsenov Academy of Economics, Svishtov, Bulgaria, issue 3 Year 20, pages 31-45.
• Величка Николова, 2021, "Ефекти на глобалната икономическа криза и Covid-19 пандемията върху управлението на държавния дълг в силно задлъжнели страни," Economic Archive, D. A. Tsenov Academy of Economics, Svishtov, Bulgaria, issue 3 Year 20, pages 36-52.
• Holger Fabig & Steffen Meyer & Jakob von Weizsäcker, 2021, "Unternehmenshilfen in der Coronakrise: Ein Zwischenstand," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, volume 90, issue 3, pages 59-94, DOI: 10.3790/vjh.90.3.59.
• Marius Clemens & Werner Röger, 2021, "Temporary VAT Reduction during the Lockdown," Discussion Papers of DIW Berlin, DIW Berlin, German Institute for Economic Research, number 1944.
• Marius Clemens & Werner Röger, 2021, "Rising Allowances, Rising Rates: A Tinbergen Rule for Capital Taxation," Discussion Papers of DIW Berlin, DIW Berlin, German Institute for Economic Research, number 1986.
• Joep Lustenhouwer & Kostas Mavromatis, 2021, "The Effects of Fiscal Policy when Planning Horizons are Finite," Working Papers, DNB, number 717, Jun.
• Jante Parlevliet & Massimo Giuliodori & Matthijs Rooduijn, 2021, "Populist attitudes, fiscal illusion and fiscal preferences: evidence from Dutch households," Working Papers, DNB, number 731, Nov.
• Harouna Sedgo & Luc-Désiré Omgba, 2021, "Corruption and distortion of public expenditures: Evidence from Africa," EconomiX Working Papers, University of Paris Nanterre, EconomiX, number 2021-7.
• HSING, Yu, 2021, "Are The Predictions Of The Mundell-Fleming Model Applicable To Argentina?," Applied Econometrics and International Development, Euro-American Association of Economic Development, volume 21, issue 1, pages 37-48.
• Andersson, Malin & Checherita-Westphal, Cristina & Gomez-Salvador, Ramon & Henkel, Lukas & Mohr, Matthias, 2021, "Economic developments in the euro area and in the United States in 2020," Economic Bulletin Boxes, European Central Bank, volume 2.
• Haroutunian, Stephan & Hauptmeier, Sebastian & Osterloh, Steffen, 2021, "The implications of the 2021 stability programmes for fiscal policies in the euro area," Economic Bulletin Boxes, European Central Bank, volume 4.
• Haroutunian, Stephan & Hauptmeier, Sebastian & Osterloh, Steffen, 2021, "Draft budgetary plans for 2021: A review in times of the Covid-19 crisis," Economic Bulletin Boxes, European Central Bank, volume 8.
• Bańkowski, Krzysztof & Ferdinandusse, Marien & Hauptmeier, Sebastian & Jacquinot, Pascal & Valenta, Vilém, 2021, "The macroeconomic impact of the Next Generation EU instrument on the euro area," Occasional Paper Series, European Central Bank, number 255, Jan.
• Debrun, Xavier & Masuch, Klaus & Ferrero, Guiseppe & Vansteenkiste, Isabel & Ferdinandusse, Marien & von Thadden, Leopold & Hauptmeier, Sebastian & Alloza, Mario & Derouen, Chloé & Bańkowski, Krzyszto, 2021, "Monetary-fiscal policy interactions in the euro area," Occasional Paper Series, European Central Bank, number 273, Sep.
• Schmidt, Sebastian, 2021, "Avoiding a self-fulfilling low-inflation trap," Research Bulletin, European Central Bank, volume 85.
• Faria, Joao Ricardo & McAdam, Peter & Viscolani, Bruno, 2021, "Monetary policy, neutrality and the environment," Working Paper Series, European Central Bank, number 2573, Jul.
• Bańkowski, Krzysztof & Christoffel, Kai & Faria, Thomas, 2021, "Assessing the fiscal-monetary policy mix in the euro area," Working Paper Series, European Central Bank, number 2623, Dec.
• Checherita-Westphal, Cristina & Stechert, Marcel, 2021, "Household saving and fiscal policy: evidence for the euro area from a thick modelling perspective," Working Paper Series, European Central Bank, number 2633, Dec.
• Mbulaheni Albert Dagume, 2021, "Factors Influencing Poverty in South Africa: Time Series Analysis," International Journal of Economics and Financial Issues, Econjournals, volume 11, issue 5, pages 86-95.
• Tarek Tawfik Yousef Alkhateeb & Haider Mahmood & Zafar Ahmad Sultan, 2021, "Role of Oil Price in Fiscal Cyclicality in Saudi Arabia," International Journal of Energy Economics and Policy, Econjournals, volume 11, issue 2, pages 194-198.
• Srinita Srinita & Kharisya Ayu Effendi, 2021, "Energy Policy Analysis, Monetary and Fiscal on Inflation Volatility in Indonesia," International Journal of Energy Economics and Policy, Econjournals, volume 11, issue 2, pages 309-314.
• Mendonça, Mario Jorge & Moreira, Tito Belchior S. & Sachsida, Adolfo, 2021, "Reglas de política monetaria y fiscal en el Brasil: evidencia empírica de dominancia monetaria y dominancia fiscal," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.
• Mendonça, Mario Jorge & Moreira, Tito Belchior S. & Sachsida, Adolfo, 2021, "Fiscal and monetary policy rules in Brazil: empirical evidence of monetary and fiscal dominance," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.
• Rafael Mariam Camarero & Gilles Dufrénot & Cecilio Tamarit, 2021, "How do inequalities affect the natural interest rate, and how do they impact monetary policy? Comparing Germany, Japan and the US," Working Papers, Department of Applied Economics II, Universidad de Valencia, number 2105, Apr.
• Vicente Esteve & María A. Prats, 2021, "Financial bubbles and sustainability of public debt: The case of Spain," Working Papers, Department of Applied Economics II, Universidad de Valencia, number 2111, Sep.
• Vicente Esteve & María A. Prats, 2021, "Testing for rational bubbles in Australian housing market from a long-term perspective," Working Papers, Department of Applied Economics II, Universidad de Valencia, number 2113, Nov.
• Garcia-Barragan, Fernando & Liu, Guangling, 2021, "Great recession, exports crunch, and China's fiscal stimulus in a global zero lower bound environment," Journal of Asian Economics, Elsevier, volume 75, issue C, DOI: 10.1016/j.asieco.2021.101323.
• Lee, Eun Kyung & Park, Kwangyong, 2021, "Identifying government spending shocks and multipliers in Korea," Journal of Asian Economics, Elsevier, volume 76, issue C, DOI: 10.1016/j.asieco.2021.101366.
• Rajakaruna, Iwanthika & Suardi, Sandy, 2021, "The dynamic linkages between current account deficit and budget balance deficit in the South Asian region," Journal of Asian Economics, Elsevier, volume 77, issue C, DOI: 10.1016/j.asieco.2021.101393.
• Li, Rong & Zhou, Yijiang, 2021, "Estimating local fiscal multipliers using political connections," China Economic Review, Elsevier, volume 66, issue C, DOI: 10.1016/j.chieco.2021.101599.
• Wang, Jingwen & Shen, Guangjun & Tang, Dunzhe, 2021, "Does tax deduction relax financing constraints? Evidence from China's value-added tax reform," China Economic Review, Elsevier, volume 67, issue C, DOI: 10.1016/j.chieco.2021.101619.
• Liu, Yuanyuan & Liu, Guanchun & Zhang, Chengsi, 2021, "Local land supply and fiscal incentives for R&D: Evidence from a quasi-natural experiment in China," China Economic Review, Elsevier, volume 68, issue C, DOI: 10.1016/j.chieco.2021.101630.
• Prein, Timm M. & Scholl, Almuth, 2021, "The impact of bailouts on political turnover and sovereign default risk," Journal of Economic Dynamics and Control, Elsevier, volume 124, issue C, DOI: 10.1016/j.jedc.2020.104065.
• Bairoliya, Neha & Miller, Ray, 2021, "Demographic transition, human capital and economic growth in China," Journal of Economic Dynamics and Control, Elsevier, volume 127, issue C, DOI: 10.1016/j.jedc.2021.104117.
• Coulombe, Raphaelle G., 2021, "The electoral origin of government spending shocks," Journal of Economic Dynamics and Control, Elsevier, volume 129, issue C, DOI: 10.1016/j.jedc.2021.104167.
• Uribe-Terán, Carlos, 2021, "Higher taxes at the top? The role of tax avoidance," Journal of Economic Dynamics and Control, Elsevier, volume 129, issue C, DOI: 10.1016/j.jedc.2021.104187.
• Albonico, Alice & Ascari, Guido & Gobbi, Alessandro, 2021, "The public debt multiplier," Journal of Economic Dynamics and Control, Elsevier, volume 132, issue C, DOI: 10.1016/j.jedc.2021.104204.
• Pfeiffer, Philipp & Roeger, Werner & Vogel, Lukas, 2021, "Optimal fiscal policy with low interest rates for government debt," Journal of Economic Dynamics and Control, Elsevier, volume 132, issue C, DOI: 10.1016/j.jedc.2021.104210.
• Graham, James & Ozbilgin, Murat, 2021, "Age, industry, and unemployment risk during a pandemic lockdown," Journal of Economic Dynamics and Control, Elsevier, volume 133, issue C, DOI: 10.1016/j.jedc.2021.104233.
• Kanazawa, Nobuyuki, 2021, "Public investment multipliers: Evidence from stock returns of the road pavement industry in Japan," Journal of Economic Dynamics and Control, Elsevier, volume 133, issue C, DOI: 10.1016/j.jedc.2021.104247.
• Kassouri, Yacouba & Altıntaş, Halil, 2021, "Cyclical drivers of fiscal policy in sub-Saharan Africa: New insights from the time-varying heterogeneity approach," Economic Analysis and Policy, Elsevier, volume 70, issue C, pages 51-67, DOI: 10.1016/j.eap.2021.01.019.
• Rahaman, Ataur & Leon-Gonzalez, Roberto, 2021, "The effects of fiscal policy shocks in Bangladesh: An agnostic identification procedure," Economic Analysis and Policy, Elsevier, volume 71, issue C, pages 626-644, DOI: 10.1016/j.eap.2021.07.002.
• Kim, Wongi, 2021, "Macroeconomic effects of government transfer payments: Evidence from Korea," Economic Modelling, Elsevier, volume 102, issue C, DOI: 10.1016/j.econmod.2021.105571.
• Petrović, Pavle & Arsić, Milojko & Nojković, Aleksandra, 2021, "Increasing public investment can be an effective policy in bad times: Evidence from emerging EU economies," Economic Modelling, Elsevier, volume 94, issue C, pages 580-597, DOI: 10.1016/j.econmod.2020.02.004.
• Bardaka, Ioanna & Bournakis, Ioannis & Kaplanoglou, Georgia, 2021, "Total factor productivity (TFP) and fiscal consolidation: How harmful is austerity?," Economic Modelling, Elsevier, volume 94, issue C, pages 908-922, DOI: 10.1016/j.econmod.2020.02.032.
• Blazquez, Jorge & Galeotti, Marzio & Manzano, Baltasar & Pierru, Axel & Pradhan, Shreekar, 2021, "Effects of Saudi Arabia’s economic reforms: Insights from a DSGE model," Economic Modelling, Elsevier, volume 95, issue C, pages 145-169, DOI: 10.1016/j.econmod.2020.12.004.
• Singh, Manish K. & Gómez-Puig, Marta & Sosvilla-Rivero, Simón, 2021, "Quantifying sovereign risk in the euro area," Economic Modelling, Elsevier, volume 95, issue C, pages 76-96, DOI: 10.1016/j.econmod.2020.12.010.
• Combes, Jean-Louis & Minea, Alexandru & Sawadogo, Pegdéwendé Nestor, 2021, "Does the composition of government spending matter for government bond spreads?," Economic Modelling, Elsevier, volume 96, issue C, pages 409-420, DOI: 10.1016/j.econmod.2020.03.025.
• Jalles, João Tovar, 2021, "Dynamics of government spending cyclicality," Economic Modelling, Elsevier, volume 97, issue C, pages 411-427, DOI: 10.1016/j.econmod.2020.04.010.
• Wang, Shu-Ling, 2021, "Fiscal stimulus in a high-debt economy? A DSGE analysis," Economic Modelling, Elsevier, volume 98, issue C, pages 118-135, DOI: 10.1016/j.econmod.2021.02.009.
• Law, Siong Hook & Ng, Chee Hung & Kutan, Ali M. & Law, Zhi Kei, 2021, "Public debt and economic growth in developing countries: Nonlinearity and threshold analysis," Economic Modelling, Elsevier, volume 98, issue C, pages 26-40, DOI: 10.1016/j.econmod.2021.02.004.
• Larch, Martin & Kumps, Diederik & Cugnasca, Alessandro, 2021, "Fiscal stabilisation in real time: An exercise in risk management," Economic Modelling, Elsevier, volume 99, issue C, DOI: 10.1016/j.econmod.2021.03.013.
• Beqiraj, Elton & Fedeli, Silvia & Tancioni, Massimiliano, 2021, "Fiscal retrenchments and the transmission mechanism of the sovereign risk channel for highly indebted countries," The North American Journal of Economics and Finance, Elsevier, volume 57, issue C, DOI: 10.1016/j.najef.2021.101400.
• Chen, Yunmin & Chien, YiLi & Wen, Yi & Yang, C.C., 2021, "Should capital be taxed?," Economics Letters, Elsevier, volume 200, issue C, DOI: 10.1016/j.econlet.2021.109746.
• Chudik, Alexander & Mohaddes, Kamiar & Raissi, Mehdi, 2021, "Covid-19 fiscal support and its effectiveness," Economics Letters, Elsevier, volume 205, issue C, DOI: 10.1016/j.econlet.2021.109939.
• Rangaraju, Sandeep Kumar & Herrera, Ana María, 2021, "Tax news in good and bad times," Economics Letters, Elsevier, volume 207, issue C, DOI: 10.1016/j.econlet.2021.110031.
• Lu, Jiajun & Zhu, Yueteng, 2021, "The asymmetric government spending multipliers: Evidence from US regions," Economics Letters, Elsevier, volume 208, issue C, DOI: 10.1016/j.econlet.2021.110056.
• Chen, Yunmin & Chien, YiLi & Wen, Yi & Yang, C.C., 2021, "Are unconditional lump-sum transfers a good idea?," Economics Letters, Elsevier, volume 209, issue C, DOI: 10.1016/j.econlet.2021.110088.
• Li, Mingyang & Niu, Linlin, 2021, "Faster fiscal stimulus and a higher government spending multiplier in China: Mixed-frequency identification with SVAR," Economics Letters, Elsevier, volume 209, issue C, DOI: 10.1016/j.econlet.2021.110135.
• Debuque-Gonzales, Margarita, 2021, "Local fiscal multipliers and spillover effects: Evidence from Philippine regions," Economic Systems, Elsevier, volume 45, issue 2, DOI: 10.1016/j.ecosys.2020.100764.
• Costa Junior, Celso J. & Garcia-Cintado, Alejandro C., 2021, "Rent-seeking in an emerging market: A DSGE approach," Economic Systems, Elsevier, volume 45, issue 2, DOI: 10.1016/j.ecosys.2020.100775.
• Lami, Endrit & Imami, Drini & Pugh, Geoffrey & Hashi, Iraj, 2021, "Fiscal performance and elections in the context of a transition economy," Economic Systems, Elsevier, volume 45, issue 2, DOI: 10.1016/j.ecosys.2021.100886.
• Carli, Francesco & Gomis-Porqueras, Pedro, 2021, "Real consequences of open market operations: The role of limited commitment," European Economic Review, Elsevier, volume 132, issue C, DOI: 10.1016/j.euroecorev.2020.103639.
• Räsänen, Johannes & Mäkelä, Erik, 2021, "The effect of government spending on local economies during an economic downturn," European Economic Review, Elsevier, volume 134, issue C, DOI: 10.1016/j.euroecorev.2021.103697.
• Caselli, Francesca & Wingender, Philippe, 2021, "Heterogeneous effects of fiscal rules: The Maastricht fiscal criterion and the counterfactual distribution of government deficits✰," European Economic Review, Elsevier, volume 136, issue C, DOI: 10.1016/j.euroecorev.2021.103748.
• Auerbach, Alan J. & Gorodnichenko, Yuriy & Murphy, Daniel, 2021, "Inequality, fiscal policy and COVID19 restrictions in a demand-determined economy," European Economic Review, Elsevier, volume 137, issue C, DOI: 10.1016/j.euroecorev.2021.103810.
• Berge, Travis & De Ridder, Maarten & Pfajfar, Damjan, 2021, "When is the fiscal multiplier high? A comparison of four business cycle phases," European Economic Review, Elsevier, volume 138, issue C, DOI: 10.1016/j.euroecorev.2021.103852.
• Dhital, Saroj & Gomis-Porqueras, Pedro & Haslag, Joseph H., 2021, "Monetary and fiscal policy interactions in a frictional model of fiat money, nominal public debt and banking," European Economic Review, Elsevier, volume 139, issue C, DOI: 10.1016/j.euroecorev.2021.103861.
• Chien, YiLi & Wen, Yi, 2021, "Time-inconsistent optimal quantity of debt," European Economic Review, Elsevier, volume 140, issue C, DOI: 10.1016/j.euroecorev.2021.103913.
• García-Albán, Freddy & González-Astudillo, Manuel & Vera-Avellán, Cristhian, 2021, "Good policy or good luck? Analyzing the effects of fiscal policy and oil revenue shocks in Ecuador," Energy Economics, Elsevier, volume 100, issue C, DOI: 10.1016/j.eneco.2021.105321.
• Yau, Ruey & Chen, Guan-Han, 2021, "Assessing energy subsidy policies in a structural macroeconomic model," Energy Economics, Elsevier, volume 103, issue C, DOI: 10.1016/j.eneco.2021.105509.
• Maitra, Debasish & Guhathakurta, Kousik & Kang, Sang Hoon, 2021, "The good, the bad and the ugly relation between oil and commodities: An analysis of asymmetric volatility connectedness and portfolio implications," Energy Economics, Elsevier, volume 94, issue C, DOI: 10.1016/j.eneco.2020.105061.
• Bossone, Biagio, 2021, "Commercial bank seigniorage and the macroeconomy," International Review of Financial Analysis, Elsevier, volume 76, issue C, DOI: 10.1016/j.irfa.2021.101775.
• Heyden, Kim J. & Heyden, Thomas, 2021, "Market reactions to the arrival and containment of COVID-19: An event study," Finance Research Letters, Elsevier, volume 38, issue C, DOI: 10.1016/j.frl.2020.101745.
• Fendel, Ralf & Neugebauer, Frederik & Zimmermann, Lilli, 2021, "Reactions of euro area government yields to Covid-19 related policy measure announcements by the European Commission and the European Central Bank," Finance Research Letters, Elsevier, volume 42, issue C, DOI: 10.1016/j.frl.2020.101917.
• Gunter, Samara & Riera-Crichton, Daniel & Vegh, Carlos A. & Vuletin, Guillermo, 2021, "Non-linear effects of tax changes on output: The role of the initial level of taxation," Journal of International Economics, Elsevier, volume 131, issue C, DOI: 10.1016/j.jinteco.2021.103450.
• Beetsma, Roel & Furtuna, Oana & Giuliodori, Massimo & Mumtaz, Haroon, 2021, "Revenue- versus spending-based fiscal consolidation announcements: Multipliers and follow-up," Journal of International Economics, Elsevier, volume 131, issue C, DOI: 10.1016/j.jinteco.2021.103455.
• Galli, Carlo, 2021, "Self-fulfilling debt crises, fiscal policy and investment," Journal of International Economics, Elsevier, volume 131, issue C, DOI: 10.1016/j.jinteco.2021.103475.
• Niemeläinen, Julia, 2021, "External imbalances between China and the United States: A dynamic analysis with a life-cycle model," Journal of International Economics, Elsevier, volume 131, issue C, DOI: 10.1016/j.jinteco.2021.103493.
• Ferrara, Laurent & Metelli, Luca & Natoli, Filippo & Siena, Daniele, 2021, "Questioning the puzzle: Fiscal policy, real exchange rate and inflation," Journal of International Economics, Elsevier, volume 133, issue C, DOI: 10.1016/j.jinteco.2021.103524.
• Zouri, Stéphane, 2021, "New evidence on international risk-sharing in the Economic Community of West African States (ECOWAS)," International Economics, Elsevier, volume 165, issue C, pages 121-139, DOI: 10.1016/j.inteco.2020.11.003.
• Badarau, Cristina & Huart, Florence & Sangaré, Ibrahima, 2021, "Macroeconomic and policy implications of eurobonds," International Review of Law and Economics, Elsevier, volume 65, issue C, DOI: 10.1016/j.irle.2020.105954.
• Hülsewig, Oliver & Steinbach, Armin, 2021, "Monetary financing and fiscal discipline," International Review of Law and Economics, Elsevier, volume 68, issue C, DOI: 10.1016/j.irle.2021.106004.
• Kameda, Taisuke & Namba, Ryoichi & Tsuruga, Takayuki, 2021, "Decomposing local fiscal multipliers: Evidence from Japan," Japan and the World Economy, Elsevier, volume 57, issue C, DOI: 10.1016/j.japwor.2021.101053.
• Meng, Xiangcai & Huang, Chia-Hsing, 2021, "The time-frequency analysis of conventional and unconventional monetary policy: Evidence from Japan," Japan and the World Economy, Elsevier, volume 59, issue C, DOI: 10.1016/j.japwor.2021.101089.
• Bessho, Shun-ichiro, 2021, "Local fiscal multipliers and population aging in Japan," Japan and the World Economy, Elsevier, volume 60, issue C, DOI: 10.1016/j.japwor.2021.101099.
• Lee, Dongwon & Min, Sujin, 2021, "Defective democracy and the political budget cycle," Journal of Comparative Economics, Elsevier, volume 49, issue 4, pages 947-961, DOI: 10.1016/j.jce.2021.04.009.
• Hommes, Cars & Makarewicz, Tomasz, 2021, "Price level versus inflation targeting under heterogeneous expectations: a laboratory experiment," Journal of Economic Behavior & Organization, Elsevier, volume 182, issue C, pages 39-82, DOI: 10.1016/j.jebo.2020.11.011.
• Chortareas, Georgios & Mavrodimitrakis, Christos, 2021, "Policy conflict, coordination, and leadership in a monetary union under imperfect instrument substitutability," Journal of Economic Behavior & Organization, Elsevier, volume 183, issue C, pages 342-361, DOI: 10.1016/j.jebo.2021.01.001.
• Croce, M. & Nguyen, Thien T. & Raymond, S., 2021, "Persistent government debt and aggregate risk distribution," Journal of Financial Economics, Elsevier, volume 140, issue 2, pages 347-367, DOI: 10.1016/j.jfineco.2021.01.004.
• Levieuge, Grégory & Lucotte, Yannick & Pradines-Jobet, Florian, 2021, "The cost of banking crises: Does the policy framework matter?," Journal of International Money and Finance, Elsevier, volume 110, issue C, DOI: 10.1016/j.jimonfin.2020.102290.
• Beetsma, Roel & Giuliodori, Massimo & Hanson, Jesper & de Jong, Frank, 2021, "The maturity of sovereign debt issuance in the euro area," Journal of International Money and Finance, Elsevier, volume 110, issue C, DOI: 10.1016/j.jimonfin.2020.102293.
• Ziogas, Thanasis & Panagiotidis, Theodore, 2021, "Revisiting the political economy of fiscal adjustments," Journal of International Money and Finance, Elsevier, volume 111, issue C, DOI: 10.1016/j.jimonfin.2020.102312.
• Larch, Martin & Orseau, Eloïse & van der Wielen, Wouter, 2021, "Do EU fiscal rules support or hinder counter-cyclical fiscal policy?," Journal of International Money and Finance, Elsevier, volume 112, issue C, DOI: 10.1016/j.jimonfin.2020.102328.
• El-Shagi, Makram & Schweinitz, Gregor von, 2021, "Fiscal policy and fiscal fragility: Empirical evidence from the OECD," Journal of International Money and Finance, Elsevier, volume 115, issue C, DOI: 10.1016/j.jimonfin.2020.102292.
• Hory, Marie-Pierre & Levieuge, Grégory & Onori, Daria, 2021, "Public spending, currency mismatch and financial frictions," Journal of International Money and Finance, Elsevier, volume 116, issue C, DOI: 10.1016/j.jimonfin.2021.102413.
• Peppel-Srebrny, Jemima, 2021, "Not all government budget deficits are created equal: Evidence from advanced economies' sovereign bond markets," Journal of International Money and Finance, Elsevier, volume 118, issue C, DOI: 10.1016/j.jimonfin.2021.102460.
• Di Serio, Mario & Fragetta, Matteo & Melina, Giovanni, 2021, "The impact of r-g on Euro-Area government spending multipliers," Journal of International Money and Finance, Elsevier, volume 119, issue C, DOI: 10.1016/j.jimonfin.2021.102493.
• Nagao, Ryoya & Kondo, Yoshihiro & Nakazono, Yoshiyuki, 2021, "The macroeconomic effects of monetary policy: Evidence from Japan," Journal of the Japanese and International Economies, Elsevier, volume 61, issue C, DOI: 10.1016/j.jjie.2021.101149.
• Cusato Novelli, Antonio & Barcia, Giancarlo, 2021, "Sovereign Risk, Public Investment and the Fiscal Policy Stance," Journal of Macroeconomics, Elsevier, volume 67, issue C, DOI: 10.1016/j.jmacro.2020.103263.
• Honda, Jiro & Miyamoto, Hiroaki, 2021, "How does population aging affect the effectiveness of fiscal stimulus over the business cycle?," Journal of Macroeconomics, Elsevier, volume 68, issue C, DOI: 10.1016/j.jmacro.2021.103288.
• Dzhambova, Krastina, 2021, "“When it rains, it pours”: Fiscal policy, credit constraints and business cycles in emerging and developed economies," Journal of Macroeconomics, Elsevier, volume 69, issue C, DOI: 10.1016/j.jmacro.2021.103319.
• Antón, Arturo & Hernández-Trillo, Fausto & Ventosa-Santaulària, Daniel, 2021, "(In)Effective tax enforcement and demand for cash," Journal of Macroeconomics, Elsevier, volume 70, issue C, DOI: 10.1016/j.jmacro.2021.103350.
• Ouliaris, Sam & Rochon, Celine, 2021, "Pre- and Post-Global Financial Crisis Policy Multipliers#," Journal of Macroeconomics, Elsevier, volume 70, issue C, DOI: 10.1016/j.jmacro.2021.103370.
• Tran, Chung & Wende, Sebastian, 2021, "On the marginal excess burden of taxation in an overlapping generations model," Journal of Macroeconomics, Elsevier, volume 70, issue C, DOI: 10.1016/j.jmacro.2021.103377.
• Carrera, Jorge & de la Vega, Pablo, 2021, "The impact of income inequality on public debt," The Journal of Economic Asymmetries, Elsevier, volume 24, issue C, DOI: 10.1016/j.jeca.2021.e00216.
• Garibaldi, Pietro & Gomes, Pedro & Sopraseuth, Thepthida, 2021, "Public employment redux," Journal of Government and Economics, Elsevier, volume 1, issue C, DOI: 10.1016/j.jge.2021.100003.
• Cronin, David & McQuinn, Kieran, 2021, "Are official forecasts of output growth in the EU still biased?," Journal of Policy Modeling, Elsevier, volume 43, issue 2, pages 337-349, DOI: 10.1016/j.jpolmod.2020.12.001.
• Cieślik, Andrzej & Turgut, Mehmet Burak, 2021, "Fiscal harmonization in view of the Euro adoption: Economic implications for Poland," Journal of Policy Modeling, Elsevier, volume 43, issue 2, pages 394-415, DOI: 10.1016/j.jpolmod.2020.05.001.
• Majumder, Amita & Ray, Ranjan & Santra, Sattwik, 2021, "Should commodity tax rates be uniform across regions in a heterogeneous country? Evidence from India," Journal of Policy Modeling, Elsevier, volume 43, issue 6, pages 1310-1331, DOI: 10.1016/j.jpolmod.2021.03.007.
• Şen, Hüseyin & Kaya, Ayşe, 2021, "Output-volatility reducing effects of automatic stabilizers: Policy implications for EMU member states," Journal of Policy Modeling, Elsevier, volume 43, issue 6, pages 1388-1414, DOI: 10.1016/j.jpolmod.2020.06.005.
• Ek, Andreas, 2021, "Cross-country differences in preferences for leisure," Labour Economics, Elsevier, volume 72, issue C, DOI: 10.1016/j.labeco.2021.102054.
• Rannenberg, Ansgar, 2021, "State-dependent fiscal multipliers with preferences over safe assets," Journal of Monetary Economics, Elsevier, volume 117, issue C, pages 1023-1040, DOI: 10.1016/j.jmoneco.2020.08.002.
• Hennessy, Christopher A. & Livdan, Dmitry, 2021, "Learning, parameter drift, and the credibility revolution," Journal of Monetary Economics, Elsevier, volume 117, issue C, pages 395-417, DOI: 10.1016/j.jmoneco.2020.02.003.
• Gechert, Sebastian & Paetz, Christoph & Villanueva, Paloma, 2021, "The macroeconomic effects of social security contributions and benefits," Journal of Monetary Economics, Elsevier, volume 117, issue C, pages 571-584, DOI: 10.1016/j.jmoneco.2020.03.012.
• Leeper, Eric M. & Leith, Campbell & Liu, Ding, 2021, "Optimal Time-Consistent Monetary, Fiscal and Debt Maturity Policy," Journal of Monetary Economics, Elsevier, volume 117, issue C, pages 600-617, DOI: 10.1016/j.jmoneco.2020.03.015.
• Han, Zhao, 2021, "Low-frequency fiscal uncertainty," Journal of Monetary Economics, Elsevier, volume 117, issue C, pages 639-657, DOI: 10.1016/j.jmoneco.2020.03.017.
• Albertini, Julien & Auray, Stéphane & Bouakez, Hafedh & Eyquem, Aurélien, 2021, "Taking off into the wind: Unemployment risk and state-Dependent government spending multipliers," Journal of Monetary Economics, Elsevier, volume 117, issue C, pages 990-1007, DOI: 10.1016/j.jmoneco.2020.07.007.
• Hebous, Shafik & Zimmermann, Tom, 2021, "Can government demand stimulate private investment? Evidence from U.S. federal procurement," Journal of Monetary Economics, Elsevier, volume 118, issue C, pages 178-194, DOI: 10.1016/j.jmoneco.2020.09.005.
• Correia, Isabel & De Fiore, Fiorella & Teles, Pedro & Tristani, Oreste, 2021, "Credit subsidies," Journal of Monetary Economics, Elsevier, volume 118, issue C, pages 2-14, DOI: 10.1016/j.jmoneco.2018.12.002.
• Hauk, Esther & Lanteri, Andrea & Marcet, Albert, 2021, "Optimal policy with general signal extraction," Journal of Monetary Economics, Elsevier, volume 118, issue C, pages 54-86, DOI: 10.1016/j.jmoneco.2021.01.002.
• Cantore, Cristiano & Freund, Lukas B., 2021, "Workers, capitalists, and the government: fiscal policy and income (re)distribution," Journal of Monetary Economics, Elsevier, volume 119, issue C, pages 58-74, DOI: 10.1016/j.jmoneco.2021.01.004.
• Leeper, Eric M. & Zhou, Xuan, 2021, "Inflation’s role in optimal monetary-fiscal policy," Journal of Monetary Economics, Elsevier, volume 124, issue C, pages 1-18, DOI: 10.1016/j.jmoneco.2021.10.006.
• Mehrotra, Neil R. & Sergeyev, Dmitriy, 2021, "Debt sustainability in a low interest rate world," Journal of Monetary Economics, Elsevier, volume 124, issue S, pages 1-18, DOI: 10.1016/j.jmoneco.2021.09.001.
• Abbott, Andrew & Jones, Philip, 2021, "Government response to increased demand for public services: The cyclicality of government health expenditures in the OECD," European Journal of Political Economy, Elsevier, volume 68, issue C, DOI: 10.1016/j.ejpoleco.2020.101988.
• Mansour, Sarah & Wallace, Sally & Sadiraj, Vjollca & Hassan, Mazen, 2021, "How do electoral and voice accountability affect corruption? Experimental evidence from Egypt," European Journal of Political Economy, Elsevier, volume 68, issue C, DOI: 10.1016/j.ejpoleco.2020.101994.
• García, Israel & Hayo, Bernd, 2021, "Political budget cycles revisited: Testing the signalling process," European Journal of Political Economy, Elsevier, volume 69, issue C, DOI: 10.1016/j.ejpoleco.2021.102030.
• Birinci, Serdar & Karahan, Fatih & Mercan, Yusuf & See, Kurt, 2021, "Labor market policies during an epidemic," Journal of Public Economics, Elsevier, volume 194, issue C, DOI: 10.1016/j.jpubeco.2020.104348.
• Fritsche, Jan Philipp & Klein, Mathias & Rieth, Malte, 2021, "Government spending multipliers in (un)certain times," Journal of Public Economics, Elsevier, volume 203, issue C, DOI: 10.1016/j.jpubeco.2021.104513.
• Clemens, Jeffrey & Veuger, Stan, 2021, "Politics and the distribution of federal funds: Evidence from federal legislation in response to COVID-19," Journal of Public Economics, Elsevier, volume 204, issue C, DOI: 10.1016/j.jpubeco.2021.104554.
• Konstantinou, Panagiotis Th. & Partheniou, Andromachi, 2021, "The Effects of Government Spending Over the Business Cycle: A Disaggregated Analysis for OECD and Non-OECD Countries," The Quarterly Review of Economics and Finance, Elsevier, volume 80, issue C, pages 809-822, DOI: 10.1016/j.qref.2019.09.017.
• Azad, Nahiyan Faisal & Serletis, Apostolos & Xu, Libo, 2021, "Covid-19 and monetary–fiscal policy interactions in Canada," The Quarterly Review of Economics and Finance, Elsevier, volume 81, issue C, pages 376-384, DOI: 10.1016/j.qref.2021.06.009.
• Bairoliya, Neha & Miller, Ray, 2021, "Social insurance, demographics, and rural-urban migration in China," Regional Science and Urban Economics, Elsevier, volume 91, issue C, DOI: 10.1016/j.regsciurbeco.2020.103615.
• Deleidi, Matteo & Mazzucato, Mariana, 2021, "Directed innovation policies and the supermultiplier: An empirical assessment of mission-oriented policies in the US economy," Research Policy, Elsevier, volume 50, issue 2, DOI: 10.1016/j.respol.2020.104151.
• Guo, Shen & Jiang, Zheng, 2021, "The welfare implications of housing-related tax policies in China," International Review of Economics & Finance, Elsevier, volume 72, issue C, pages 135-153, DOI: 10.1016/j.iref.2020.11.006.
• Costa Junior, Celso J. & Garcia-Cintado, Alejandro C. & Junior, Karlo Marques, 2021, "Macroeconomic policies and the pandemic-driven recession," International Review of Economics & Finance, Elsevier, volume 72, issue C, pages 438-465, DOI: 10.1016/j.iref.2020.12.010.
• Wang, Ren & Hou, Jie, 2021, "Land finance, land attracting investment and housing price fluctuations in China," International Review of Economics & Finance, Elsevier, volume 72, issue C, pages 690-699, DOI: 10.1016/j.iref.2020.12.021.
• Skott, Peter, 2021, "Fiscal policy and structural transformation in developing economies," Structural Change and Economic Dynamics, Elsevier, volume 56, issue C, pages 129-140, DOI: 10.1016/j.strueco.2020.10.006.
• Sardoni, Claudio, 2021, "The public debt and the Ricardian equivalence: Some critical remarks," Structural Change and Economic Dynamics, Elsevier, volume 58, issue C, pages 153-160, DOI: 10.1016/j.strueco.2021.05.006.
• Nomaler, Önder & Spinola, Danilo & Verspagen, Bart, 2021, "R&D-based economic growth in a supermultiplier model," Structural Change and Economic Dynamics, Elsevier, volume 59, issue C, pages 1-19, DOI: 10.1016/j.strueco.2021.07.002.
• K. Peren Arin & Kevin Devereux & Mieszko Mazur, 2021, "Taxes and firm investment," CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University, number 2021-08, Jan.
• Hilde C. Bjørnland & Roberto Casarin & Marco Lorusso & Francesco Ravazzolo, 2021, "Oil and fiscal policy regimes," CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University, number 2021-10, Jan.
• Alexander Chudik & Kamiar Mohaddes & Mehdi Raissi, 2021, "Covid-19 fiscal support and its effectiveness," CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University, number 2021-28, Mar.
• Emmanuel Pinto Moreira & Baris Alpaslan, 2021, "DGE model for assessing macro-fiscal vulnerabilities in Algeria," CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University, number 2021-30, Mar.
• Laurent Ferrara & Luca Metelli & Filippo Natoli & Daniele Siena, 2021, "Questioning the puzzle: fiscal policy, real exchange rate and inflation," CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University, number 2021-38, Apr.
• Mario J. Crucini & Oscar O'Flaherty, 2021, "Stay-at-home orders in a fiscal union," CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University, number 2021-39, Apr.
• Salwa Aljabri & Mala Raghavan & Joaquin Vespignan, 2021, "Oil prices and fiscal policy in an oil-exporter country: Empirical evidence from Oman," CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University, number 2021-87, Oct.
• William Gamber & James Graham & Anirudh Yadav, 2021, "Stuck at home: Housing demand during the COVID- 19 pandemic," CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University, number 2021-97, Dec.
• M. Ayhan Kose & Peter Nagle & Franziska Ohnsorge & Naotaka Sugawara, 2021, "What has been the impact of COVID-19 on debt? Turning a wave into a tsunami," CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University, number 2021-99, Dec.
• Osmar Bolivar, 2021, "Boyanza Tributaria: Relación con la Sostenibilidad Fiscal y Estabilizadores Automáticos," Cuadernos de Investigación Económica Boliviana, Ministerio de Economía y Finanzas Públicas de Bolivia, volume 4, issue 2, pages 53-96, Diciembre.
• Omar Velasco & Abraham Churata, 2021, "Espacios e Impulsos Fiscales en América del Sur: Una Estimación Mediante un Modelo de Ecuaciones Simultaneas para Datos de Panel," Cuadernos de Investigación Económica Boliviana, Ministerio de Economía y Finanzas Públicas de Bolivia, volume 4, issue 2, pages 7-52, Diciembre.
• McKay, Alisdair & Reis, Ricardo, 2021, "Optimal automatic stabilizers," LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library, number 108180, Oct.
• Lichi, Alia & Shibata, Ippei & Tanyeri, Kadir, 2021, "Fiscal policy multipliers in small states," LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library, number 123063, Apr.
• Slawomir Franek & Marta Postula, 2021, "Medindo os instrumentos de governança fiscal: um índice sintético para os países da União Europeia," Brazilian Journal of Political Economy, FGV EAESP, volume 41, issue 1, pages 117-136, February, DOI: 10.1590/0101-31572021-3107.
• Sandro Pereira Silva, 2021, "A economia política do Fundo de Amparo ao Trabalhador (FAT): uma análise de seu desempenho recente (2005-2018)," Brazilian Journal of Political Economy, FGV EAESP, volume 41, issue 3, pages 588-610, July, DOI: 10.1590/0101-31572021-3040.
• Moritz Cruz & Josue Zavaleta, 2021, "Gastos do governo, câmbio e crescimento: evidências empíricas para a América Latina," Brazilian Journal of Political Economy, FGV EAESP, volume 41, issue 4, pages 637-656, November, DOI: 10.1590/0101-31572021-3030.
• Mikel Erkoreka, 2021, "The fiscal and budgetary impact of COVID-19 pandemic on the public finances of the Basque Country: the Basque system of fiscal federalism put to the test," EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, volume 100, issue 02, pages 120-149.
• Mikel Erkoreka, 2021, "El impacto fiscal y presupuestario de la pandemia de la COVID-19 en las finanzas públicas del País Vasco: el Concierto Económico a examen (traducción)," EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, volume 100, issue 02, pages 120-149.
• Sebastiaan Wijsman & Christophe Crombez, 2021, "Do fiscal rules decrease public investment? Evidence from European panel data," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, volume 18, issue 1, pages 55-76, April.
• Alicia Garcia Herrero, 2021, "Post-COVID-19 Asia will grow strongly in 2021 but structural problems continue to pile up," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, volume 18, issue 2, pages 240–258-2, September.
• Halvor Mehlum & Ragnar Torvik, 2021, "The macroeconomics of COVID-19: a two-sector interpretation," Review of Keynesian Economics, Edward Elgar Publishing, volume 9, issue 2, pages 165-174, April.
• Florencia Médici & Agustín Mario & Alejandro Fiorito, 2021, "Questioning the effect of the real exchange rate on growth: new evidence from Mexico," Review of Keynesian Economics, Edward Elgar Publishing, volume 9, issue 2, pages 253-269, April.
• López Pérez, Sugey de J. & Vence, Xavier, 2021, "Estructura y evolución de ingresos tributarios y beneficios fiscales en México. Análisis del periodo 1990-2019 y evaluación de la reforma fiscal de 2014," El Trimestre Económico, Fondo de Cultura Económica, volume 88, issue 350, pages 373-417, abril-jun, DOI: https://doi.org/10.20430/ete.v88i35.
• Jose Perez-Montiel & Carles Manera, 2021, "Government public infrastructure investment and economic performance in Spain (1980–2016)," Applied Economic Analysis, Emerald Group Publishing Limited, volume 30, issue 90, pages 229-247, September, DOI: 10.1108/AEA-03-2021-0077.
• J.E. Boscá & R. Doménech & J. Ferri & J.R. García & C. Ulloa, 2021, "The stabilizing effects of economic policies in Spain in times of COVID-19," Applied Economic Analysis, Emerald Group Publishing Limited, volume 29, issue 85, pages 4-20, January, DOI: 10.1108/AEA-11-2020-0165.
• Stephen Esaku, 2021, "Has the low level of economic growth spurred informal sector activities in Uganda? An empirical analysis," African Journal of Economic and Management Studies, Emerald Group Publishing Limited, volume 12, issue 4, pages 501-515, September, DOI: 10.1108/AJEMS-01-2021-0044.
• Opeoluwa Adeniyi Adeosun & Olumide Steven Ayodele & Olajide Clement Jongbo, 2021, "Policy asymmetries and fiscal sustainability: evidence from Nigeria," African Journal of Economic and Management Studies, Emerald Group Publishing Limited, volume 12, issue 2, pages 302-320, April, DOI: 10.1108/AJEMS-08-2020-0389.
• Sima Rani Dey & Mohammad Tareque, 2021, "Twin deficits hypothesis in Bangladesh: an empirical investigation," International Journal of Emerging Markets, Emerald Group Publishing Limited, volume 17, issue 9, pages 2350-2379, March, DOI: 10.1108/IJOEM-06-2020-0628.
• Michał Mackiewicz, 2021, "The sustainability of fiscal policy in southern African countries–a comparative empirical perspective," International Journal of Emerging Markets, Emerald Group Publishing Limited, volume 18, issue 2, pages 337-350, April, DOI: 10.1108/IJOEM-06-2020-0696.
• Aishanee Sinha & Taniya Ghosh, 2021, "Impact of Economic Policy Uncertainty on FDI Inflows: Evidence from India," International Symposia in Economic Theory and Econometrics, Emerald Group Publishing Limited, "Recent Developments in Asian Economics International Symposia in Economic Theory and Econometrics", DOI: 10.1108/S1571-038620210000028009.
• Ansgar Belke & Pascal Goemans, 2021, "Uncertainty and nonlinear macroeconomic effects of fiscal policy in the US: a SEIVAR-based analysis," Journal of Economic Studies, Emerald Group Publishing Limited, volume 49, issue 4, pages 623-646, May, DOI: 10.1108/JES-07-2020-0334.
• Rafael Acevedo & Jose U. Mora & Andrew T. Young, 2021, "The government spending multiplier in Latin American countries: does the institutional environment matter?," Journal of Financial Economic Policy, Emerald Group Publishing Limited, volume 14, issue 4, pages 476-490, August, DOI: 10.1108/JFEP-02-2021-0030.
• Rexford Abaidoo & Elvis Kwame Agyapong, 2021, "Corporate performance volatility: a micro-level perspective," Journal of Money and Business, Emerald Group Publishing Limited, volume 1, issue 1, pages 42-63, August, DOI: 10.1108/JMB-05-2021-0013.
• Ijaz Hussain Shah & Kinza Aish, 2021, "A nexus between corruption, money laundering (ML) and inflation: evidence from South Asian countries," Journal of Money Laundering Control, Emerald Group Publishing Limited, volume 25, issue 4, pages 730-741, November, DOI: 10.1108/JMLC-09-2021-0096.
• Ola Al Sayed & Ashraf Samir & Heba Hesham Anwar, 2021, "Assessing fiscal sustainability in Egypt: a comparative study," Review of Economics and Political Science, Emerald Group Publishing Limited, volume 6, issue 4, pages 292-310, August, DOI: 10.1108/REPS-02-2020-0020.
• Juan Carlos Rivas Valdivia, 2021, "Sostenibilidad de la deuda pública en México, antes y después del COVID-19, 2018-2024/Sustainability of public debt in Mexico, before and after COVID-19, 2018-2024," Estudios Económicos, El Colegio de México, Centro de Estudios Económicos, volume 36, issue 1, pages 57-87.
• Alexander Chudik & Kamiar Mohaddes & Mehdi Raissi, 2021, "COVID-19 Fiscal Support and Its Effectiveness," Working Papers, Economic Research Forum, number 1465, Mar, revised 20 Mar 2021.
• Intan Syahrini & Yusri Hazmi & Raja Masbar & Aliasuddin & Said Munzir, 2021, "Optimal Control Dynamic Relationships and Fiscal Policies in Indonesia’s Economy," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), volume 0, issue 1, pages 34-51.
• Dariusz Piotrowski, 2021, "Shaping the Public Perception of Economic Phenomena During the COVID-19 Pandemic: Priority of Goals or Values?," European Research Studies Journal, European Research Studies Journal, volume 0, issue Special 1, pages 528-564.
• Artur Dmowski & Jakub Bis, 2021, "An Optimal Algorithm of Material Reserves Management based on Probabilistic Model," European Research Studies Journal, European Research Studies Journal, volume 0, issue Special 1, pages 179-188.
• Rafal M. Szewczyk, 2021, "COVID-19 and its Impact on VAT Gap in the EU: Lessons from and for Poland," European Research Studies Journal, European Research Studies Journal, volume 0, issue Special 2, pages 655-666.
• Alena Miftakhova & Clément Renoir, 2021, "Economic Growth and Equity in Anticipation of Climate Policy," CER-ETH Economics working paper series, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich, number 21/355, May.