Pablo Hernández de Cos

TL;DR: In this article, the effects of changes in the structure of demand and national income on government revenue and expenditure are captured by a disaggregated method for the calculation of the cyclical component of the budget balance.

TL;DR: In this article, a broad consensus appears whereby changes in government demand and in households' direct taxes have a limited impact on prices in the first year while, in contrast, changes in indirect taxes and employers' social security contributions have a relatively large impact.

TL;DR: In this article, the effects of exogenous fiscal policy shocks in Spain in a VAR framework are investigated. And the authors find that government expenditure expansionary shocks are found to have positive effects on output in the short-term at the cost of higher inflation and public deficits and lower output in medium and long term.

TL;DR: In this paper, the effects of exogenous fiscal policy shocks in Spain in a VAR framework are investigated. And the authors find that government expenditure expansionary shocks are found to have positive effects on output in the short-term at the cost of higher inflation and public deficits and lower output in medium and long term.

TL;DR: This article measured the importance of age structure in accounting for differences in per capita income levels and the dispersion of those income levels across countries, and found that even after adjusting for country-specific effects, age structure variation can account for a large portion of differences in each country's income and the lack of sigma convergence observed in cross country data.