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We analyze the differential impact of the COVID-19 crisis on the Spanish labor market across population groups, as well as its implications for income inequality. The main finding is that young, less educated, and low skilled workers, as well as women are the most affected by the COVID-19 shock in terms of job loss rates. The differential impacts were especially acute at the height of the pandemic in 2020 and remain robust after taking into account the heterogeneity of sector characteristics. Given that these vulnerable groups were positioned in the lower end of the income distribution before the crisis, we hypothesize that income inequality likely has increased due to the pandemic. Policies aiming at reducing inequality in the labor market need to go beyond measures that target the hardest-hit sectors and support the vulnerable groups more directly.
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This paper documents five facts about inflation expectations in the euro area. First, individual inflation forecasts overreact to individual news. Second, the cross-section average of individual forecasts of inflation underreact to shocks initially, but overreacts in the medium term. Third, disagreement about future inflation increases in response to news when the current inflation is high, and declines when inflation is low, consistent with a zero lower bound of expectations. Fourth, overreaction of individual inflation forecasts to news increased after the global financial crisis (GFC). Fifth, the reaction of average expectations (and of actual inflation) to shocks became more muted post-GFC in the euro area, but not in the U.S.
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How do policy communications on future f iscal targets af fect market expectations and beliefs about the future conduct of f iscal policy? In this paper, we develop indicators of f iscal credibility that quantify the degree to which policy announcements anchor expectations, based on the deviation of private expectations f rom official targets, for 41 countries. We find that policy announcements partly re-anchor expectations and that f iscal rules and strong fiscal institutions, as well as a good policy track record, contribute to magnifying this effect, thereby improving fiscal credibility. Conversely, empirical analysis suggests that markets reward credibility with more favorable sovereign financing conditions.
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Pharmaceutical spending accounts for a large share of health spending worldwide. While pharmaceuticals are an indispensable component of effective modern health systems, and their benefits in terms of increasing life expectancy and improving quality of life are unquestionable, the large variation in pharmaceutical spending across countries suggests that there may be large efficiency gains to be realized. This paper reviews the existing literature and databases on the level and composition of pharmaceutical spending and estimates potential efficiency gains from increased use of generics. It also reviews how countries organize the procurement and tendering of pharmaceuticals and the implications for spending. Finally, the paper identifies the various channels through which spending inefficiencies can arise and identifies reform options for reducing pharmaceutical spending while ensuring quality health outcomes.
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The Spanish economy is recovering from the deep recession caused by the COVID pandemic and employment is already above its pre-pandemic level. A highly successful vaccination campaign helped limit the impact of the recent wave of infections on hospitalizations and economic activity. Output is expected to return to its pre-pandemic level by the end of 2022. However, there is significant uncertainty around the recovery path related to the evolution of the pandemic and the duration of global supply bottlenecks. The pace of absorption and the effectiveness of use of Next Generation EU (NGEU) funds will also affect growth in the coming years. In the near term, the key policy challenge is to continue to provide targeted pandemic support while facilitating resource reallocation and a transformation to a greener and more inclusive economy.
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L'histoire de l'Espagne a fixé dans les mémoires collectives des images fortes, des exécutions commises par les soldats de Napoléon et immortalisées par Goya à la sortie du cercueil de Franco lors de son exhumation en octobre 2019, en passant par la Guerre civile de 1936 à 1939, la Transition démocratique, les attentats de l'ETA, les Jeux Olympiques de Barcelone et les manifestations pour ou contre l'indépendance de la Catalogne. Elles révèlent des fractures formées par la violence des affrontements politiques, sociaux et spirituels qui marquent une histoire souvent dramatique. Ce n'est pas l'exception espagnole qu'explore Benoît Pellistrandi mais, au contraire, l'insertion de cette histoire dans un contexte européen et mondial. Il s'agit bien de sortir de l'exotisme d'une anomalie hispanique pour comprendre de quel poids l'histoire de l'Espagne pèse sur les Espagnols et comment sa connaissance permet d'en dépasser les blessures.
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L'histoire de l'Espagne a fixé dans les mémoires collectives des images fortes, des exécutions commises par les soldats de Napoléon et immortalisées par Goya à la sortie du cercueil de Franco lors de son exhumation en octobre 2019, en passant par la Guerre civile de 1936 à 1939, la Transition démocratique, les attentats de l'ETA, les Jeux Olympiques de Barcelone et les manifestations pour ou contre l'indépendance de la Catalogne. Elles révèlent des fractures formées par la violence des affrontements politiques, sociaux et spirituels qui marquent une histoire souvent dramatique. Ce n'est pas l'exception espagnole qu'explore Benoît Pellistrandi mais, au contraire, l'insertion de cette histoire dans un contexte européen et mondial. Il s'agit bien de sortir de l'exotisme d'une anomalie hispanique pour comprendre de quel poids l'histoire de l'Espagne pèse sur les Espagnols et comment sa connaissance permet d'en dépasser les blessures. --
Spain - History --- Espagne --- Spain --- History
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A history of Catalonia and its struggle for independence, from the 10th century to the present day.
History of Spain --- Catalonia --- Catalonia (Spain) --- History.
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