The European Union has established itself as a leading text that provides readers from all
disciplines with a sound understanding of the economics and policies of the EU. Its wealth of …

Asymmetric shocks Regional non-adjustment and fiscal policy How will countries handle
idiosyncratic macroeconomic shocks under the single currency? Since the regional …

How much risk-sharing takes place between regions within countries, between countries
internationally, and what are the lessons for EMU? We study these questions based on …

Although fiscal policies of central governments sometimes provide modest insurance
against regional income shocks, this paper shows that procyclical fiscal policy among …

It is widely argued that Europe's unified monetary policy calls for international coordination
at the fiscal level. We survey the issues involved with such coordination of fiscal policy as a …

Abstract A rachi G., F errario C. and Z anardi A. Regional redistribution and risk sharing in
Italy: the role of different tiers of government, Regional Studies. This paper provides …

This paper re-examines earlier estimates of regional redistribution and stabilization through
the central government budget in the US, and produces new estimates of this redistribution …

This paper surveys the recent literature on optimal currency areas (OCAs). Topics that are
covered include theoretical developments in the context of general-equilibrium models and …

We study the channels of interstate risk sharing in Germany for the time period 1970 to 2006,
estimating the degrees of smoothing of a shock to a state's gross domestic product by factor …

This paper evaluates the trade-off between the advantages of risk sharing and the perils of
common pool problems in federal fiscal arrangements. Under the assumption of asymmetric …