Local policy impact can be dispersed in currency unions – Bank of Spain research

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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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