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We estimate the subnational employment and GDP multiplier of Brazil's 2020 federal cash transfers to vulnerable households. Using two-stage least squares regressions we estimate a formal employment multiplier and then apply an analytical transformation to recover an implied GDP multiplier in the range of 0.5-1.5. The lower bound of this range lies below most estimates in the literature, which may result from the exceptional constraints imposed by the pandemic on supply chains and consumption. Nevertheless, even using the lower end of our range implies that federal cash transfers played an important role in supporting employment and GDP.

Macroeconomics --- Economics: General --- Labor --- Diseases: Contagious --- Demography --- Public Finance --- Fiscal Policy --- National Government Expenditures and Welfare Programs --- Finance in Urban and Rural Economies --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Health Behavior --- Demographic Economics: General --- Economic & financial crises & disasters --- Economics of specific sectors --- Labour --- income economics --- Infectious & contagious diseases --- Population & demography --- Public finance & taxation --- Informal employment --- Public employment --- COVID-19 --- Health --- Population and demographics --- Currency crises --- Informal sector --- Economics --- Economic theory --- Communicable diseases --- Population --- Expenditures, Public

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Does fiscal decentralization improve health and educational outcomes? Does this improvement depend on the quality of governance? How do fiscal decentralization and governance interact? We answer these questions through an instrumental variable Tobit analysis of cross-country panel data. We find negative effects of fiscal decentralization on health outcomes, which however are more than offset by better governance. Education expenditure decentralization to subnational governments enhances educational outcomes. We conclude that countries can only reap the benefits from decentralization when the quality of their governance arrangements exceeds a certain threshold. We also find that sequencing and staging of decentralization matter. Countries should improve government effectiveness and control of corruption first to maximize benefits of fiscal decentralization.

Colombia --- 212 Federalisme --- 439 Fiscaal recht --- Macroeconomics --- Economics: General --- Public Finance --- Criminology --- Bureaucracy --- Administrative Processes in Public Organizations --- Corruption --- State and Local Government: Health, Education, and Welfare --- Intergovernmental Relations --- Federalism --- Secession --- Health: Government Policy --- Regulation --- Public Health --- Finance in Urban and Rural Economies --- Health: General --- Fiscal Policy --- National Government Expenditures and Health --- Education: General --- Economic & financial crises & disasters --- Economics of specific sectors --- Health economics --- Public finance & taxation --- Education --- Corporate crime --- white-collar crime --- Health --- Fiscal federalism --- Fiscal policy --- Health care spending --- Expenditure --- Crime --- Currency crises --- Informal sector --- Economics --- Expenditures, Public --- White-collar crime

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The pattern of increasing suburban house prices relative to urban centers initiated during the pandemic continues to hold across the top 30 US metropolitan statistical areas (MSAs). In contrast, European countries such as Denmark, France, and the United Kingdom did not experience a similar shift in valuations. We posit and find supporting evidence that these divergent patterns partially due to differences in the characteristics of suburban areas, particularly in terms of household income and property sizes; with European suburbs being relatively poorer and characterized by smaller housing units. We show that, in the US, MSAs with suburban features more akin to those in European cities generally experienced little to no increase in suburban housing prices compared to their urban centers. Finally, our findings indicate that migration patterns of the high-income population might have partially influenced the urban-suburban revaluation in the US.

Aggregate Factor Income Distribution --- Currency crises --- Deflation --- Demographic Economics: General --- Demography --- Economic & financial crises & disasters --- Economics of specific sectors --- Economics --- Economics: General --- Finance in Urban and Rural Economies --- Housing prices --- Housing Supply and Markets --- Housing --- Income --- Inflation --- Informal sector --- Macroeconomics --- National accounts --- Population & demography --- Population and demographics --- Population --- Price Level --- Prices --- Property & real estate --- Real Estate Markets, Spatial Production Analysis, and Firm Location: General --- Real estate prices --- Real Estate --- Regional Labor Markets --- Size and Spatial Distributions of Regional Economic Activity --- Urban, Rural, and Regional Economics: Regional Migration