1 “... distribution. The pandemics in our sample, even though much smaller in scale than COVID-19, have led...”

2 “... occurred in the 2000s had a much bigger impact on emerging than on advanced economies. This larger impact...”

3 “... rather than structural changes in the energy sector. Applying our empirical estimates to project...”

4 “... that fiscal shocks tend to have larger effects during periods of recessions than expansions in the source...”

5 “..., on average, larger distributional effects than tax-based adjustments...”

6 “... suggest that debt crises tend to be more detrimental than banking and currency crises. The significance...”

7 “... is substantially larger than that obtained using standard measures of fiscal impulse, such as the cyclically...”

8 “... tends to be more persistent than responding to output variations. We also found that while the effect...”

9 “... (as opposed to developing or larger) economies; effects are asymmetric, being larger when tariffs go up than...”

10 “... gross debt-to-GDP ratio. Measuring the increase in debt in this manner seems more appropriate than some...”

11 “... is strongly correlated with, but more comprehensive than, existing measures of openness and trade policy...”

12 “... than in existing federations (such as the U.S. and Germany) and (ii) it falls sharply in severe...”

13 “... firms seeing a larger decline in investment than low debt firms. Back-of-the-envelope calculations...”

14 “... than commonly understood from the existing literature, which has tended to ignore them. We find...”

15 “... resulted in an increase in the number of cases, but the effect has been lower (in absolute value) than...”

16 “... but more persistent than for shocks to global oil and food prices. The effects are more muted in countries...”

17 “... of participation rates to labor demand shocks is typically larger in Europe than in the US, the immediate response...”

18 “... government expenditure than for public investment and consumption (with the former having larger effect...”

19 “... with stronger trade links with China; and (iii) spillovers from Chinese supply shocks are stronger than...”

20 “... on the dataset, major reforms appear to have been more frequent in product markets than in labor markets...”