The Fundación Ramón Areces has awarded a grant to the Navarra Center for International Development resident fellows Miguel Ángel Borrella Mas and Raúl Bajo. Both will study for three years the effects that fiscal policy has on consumption and whether taxes can deter spending on certain products that are harmful to the environment without affecting others. "What rules allow us to design an optimal tax structure with which to achieve certain objectives while minimizing market distortion?", asks Borrella. The project title is