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publications
Household saving during the COVID-19 pandemic and implications for the recovery of consumption
This box uses the ECB Consumer Expectations Survey (CES) to assess euro area household saving behavior since the start of the coronavirus (COVID-19) pandemic. Most respondents reported that during the pandemic they were not able to increase their savings. Those that were able to do so reported that COVID-19-related restrictions, fear of infection, and precautionary motives were the most important reasons for accumulating savings.
Recommended citation: Dossche, M., Georgarakos, D., Kolndrekaj, A., Tavares, F. (2022), "Household saving during the COVID-19 pandemic and implications for the recovery of consumption," Economic Bulletin Boxes, European Central Bank, vol. 5."
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Portugal, Balanço Social 2025
The 2025 report of Portugal, Balanço Social was presented on May 20th. This work analyzes social indicators, income distribution, and poverty dynamics within the Portuguese economy, highlighting structural factors affecting vulnerable groups.
Recommended citation: Peralta, S., Carvalho, B. P., Fanha, J., Fonseca, M. & Tavares, F. (2026). Portugal, Balanço Social 2025. Nova School of Business and Economics."
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Who benefits from industrial policy? Evidence from firm investment grants (with Manuel Rosa Cruz)
This paper studies the distributional consequences of firm investment grants. We exploit Portugal’s PT2020 program, a major component of the European Union’s Cohesion Policy, which allocates investment support through competitive calls for applications. Using administrative data covering the universe of applicants, we compare funded firms with unsuccessful applicants within the same call and complement the analysis with local comparisons around the effective funding cutoff. We find that investment grants generate substantial increases in capital accumulation, employment, value added, and profitability. Despite these large firm-level gains, we find little evidence of changes in workforce composition. Instead, the gains generated by investment support are distributed unevenly. Profitability increases substantially, while wage gains are concentrated among incumbent workers employed in high-skill occupations. By contrast, workers employed in non-high-skill occupations experience little wage growth. Finally, larger grants generate additional increases in firm scale and profitability but no corresponding wage gains for incumbent workers. This contrast indicates that the distribution of gains within firms does not scale proportionally with the magnitude of investment support. Overall, our findings indicate that industrial policy generates substantial economic gains, but that these gains accrue disproportionately to firm owners and skilled workers.
talks
Talk 1 on Relevant Topic in Your Field
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Conference Proceeding talk 3 on Relevant Topic in Your Field
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teaching
Teaching experience 1
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Teaching experience 2
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