Abstract
This doctoral thesis in Economics consists of three self-contained chapters in international macroeconomics and finance.“The distributional implications of fiscal devaluations” examines the distributional implications of a fiscal devaluation acquired through a shift from labor to consumption taxes using a Heterogeneous Agents New Keynesian model with incomplete markets and uninsurable income risk. “Demographics and the real exchange rate” analyzes the general equilibrium effect of increased demand of nontradables due to population ageing on the real exchange rate using an overlapping-generation-model calibrated for European Union and United States.“Bank lending and sovereign debt availability: evidence from Italian SMEs” evaluates the effect of the increased availability of sovereign debt on banks’ lending to Small- and Medium-sized Enterprises (SMEs) using a large sample of Italian firm-bank level data.