Local policy impact can be dispersed in currency unions – Bank of Spain research
Study analyses effect of large post-crisis fiscal stimulus implemented in Spain
The impact of local fiscal policy on employment is more dispersed in economies integrated in currency unions, says research published by the Bank of Spain.
In Jobs multipliers: evidence from a large fiscal stimulus in Spain, Mario Alloza and Carlos Sanz assess the employment effect of a large post-crisis fiscal stimulus in Spain (PlanE). In the wake of the financial crisis, the national government transferred funds to municipalities to carry out local investment projects. PlanE amounted to €13
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