Distributional Impact of Unconventional Monetary Policies
Pierre Monnin | 25 June 2019
Monetary,
Discussion Notes | Tags:
Income Inequality,
QE The sustained application of accommodative monetary policies has led to concerns that they were aggravating inequality. The criticism has come from several quarters, from academics to private sector participants, from politicians to media and civil society organizations. Some argued that by boosting housing and stock
... continue reading
What the Tax Cuts and Jobs Act Means for Tax Expenditures
Eric Toder | 20 June 2019
Fiscal,
Blog | Tags:
Income Tax,
Inequality,
Tax Expenditures In a new paper, my former Tax Policy Center colleague Daniel Berger and I calculate that the 2017 Tax Cuts and Jobs Act (TCJA) modestly reduced the cost of tax expenditures in the individual income tax and made them slightly less regressive. We estimate that
... continue reading
The Low-Skill Losers
Karen Petrou | 30 April 2019
Monetary,
Blog | Tags:
Employment,
Federal Reserve,
Inequality,
QE The Fed is devoting increasing analytical – if not yet policy-maker – attention to the unequalizing impact of unconventional policy. It’s a start – a major problem besetting central banks in countries without a robust middle class – i.e., the U.S. – is that
... continue reading
The Digital Economy for Economic Development: Free Flow of Data and Supporting Policies
Lurong Chen,
Wallace Cheng,
Dan Ciuriak,
Fukunari Kimura,
Junji Nakagawa,
Richard Pomfret,
Gabriela Rigoni and
Johannes Schwarzer | 27 April 2019
Trade,
Policy Briefs | Tags:
Digitalization,
Inclusiveness The digital economy provides ample opportunities for G20 economies to accelerate inclusive economic growth. To take advantage of digital technology, free flow of data backed up by a series of policies to address other public policy objectives must be promoted. However, policies for the flow
... continue reading
Firm Heterogeneity in Services Trade: Micro-Level Evidence from Eight OECD Countries
Sebastian Benz,
Dorothée Rouzet and
Francesca Spinelli | 18 April 2019
Trade,
Research Papers | Tags:
Services Trade This paper shows that smaller and less productive firms, as well as first-time exporters are overproportionally affected by services trade barriers using micro-data from Belgium, Finland, Germany, Italy, Japan, Sweden, the United Kingdom, and the United States.
... continue reading
Fiscal Transparency: The Case of Tax Expenditures in Developing Countries
Mario Mansour | 11 April 2019
Fiscal,
Blog | Tags:
Tax Expenditures In recent years, more developing countries have started reporting on their tax expenditures, however the quality of reporting needs to improve if it is to usefully contribute to fiscal transparency and the debate on domestic revenue mobilization.
... continue reading
Services Trade for Sustainable, Balanced, and Inclusive Growth
Carlos Primo Braga,
Jane Drake-Brockman,
Bernard Hoekman,
J. Bradford Jensen,
Patrick Low,
Hamid Mamdouh,
Pierre Sauvé,
Johannes Schwarzer and
Sherry Stephenson | 3 April 2019
Trade,
Policy Briefs | Tags:
Digitalization,
Economic Growth,
Services Trade Structural changes in the world economy have altered the way we think about the nexus between trade and growth. In particular, the rise of the services economy and the digital revolution have rocked the world of trade policy-making in ways that are not nearly sufficiently
... continue reading
Taxation in Aging Societies – Increasing the Effectiveness and Fairness of Pension Systems
Agustin Redonda,
Vincenzo Galasso,
Mark Mazur,
Miranda Stewart and
Matthew Whittaker | 27 March 2019
Fiscal,
Policy Briefs | Tags:
Inequality,
Pensions,
Tax Expenditures Population aging is accelerating worldwide and has significant socio-economic implications, including a decline in the size of the labour force, an increase in the age-dependency ratio and a redistribution of income and wealth. Hence, the redesign of pension systems has become a priority. Taxation is
... continue reading
Civil Society Groups Across Latin America Are Starting to Question Tax Expenditures
Paolo de Renzio and
Alexandre Ciconello | 21 March 2019
Fiscal,
Blog | Tags:
Tax Expenditures How governments raise the revenues they need to support public spending is a fundamental aspect of public finance. Despite this, taxation has been the focus of limited analysis and action by civil society groups around the world, especially in developing countries. But in recent years,
... continue reading
Central Banks and the G20 Agenda. Ensuring Policy Coherence
Alexander Barkawi and
José Siaba Serrate | 21 March 2019
Monetary,
Blog | Tags:
Central Banks,
G20,
Governing Finance The G20 has come a long way in pulling economies back from the brink. Yet, a lot remains to be done in its pursuit of inclusive and sustainable growth. Productivity growth is sluggish, unemployment remains well above pre-crisis levels, inequality is hitting record highs, and
... continue reading
Changing Landscapes for Central Banks and Financial Regulators
William White | 14 March 2019
Monetary,
Discussion Notes | Tags:
Central Banks,
Governing Finance This discussion note is an extended version of the introductory comments shared by the author at a CEP roundtable on “Governing Finance and Sustainability” in January 2019. It addresses in order the four issues raised in the convening’s agenda. First, what are the historical origins
... continue reading
Central Banks and the G20 Agenda: Ensuring Policy Coherence
Alexander Barkawi and
José Siaba Serrate | 14 March 2019
Monetary,
Policy Briefs | Tags:
Central Banks,
Inclusiveness,
Sustainable Development The G20 has come a long way in pulling economies back from the brink. Yet, a lot remains to be done in its pursuit of inclusive and sustainable growth. Its leaders have continuously highlighted the urgent need to use all policy levers in targeting its
... continue reading
Green Money Without Inflation
Paul De Grauwe | 7 March 2019
Monetary,
Blog | Tags:
Environment,
European Central Bank,
Inflation,
Quantitative Easing To what extent can the money created by the central bank be used to finance investments in the environment? This is a question that is often asked today. The green activists respond with enthusiasm that the central bank, and in particular the European Central Bank
... continue reading
Prudential Regulation Can Help in Tackling Climate Change
Paola D'Orazio,
Lilit Popoyan and
Pierre Monnin | 13 February 2019
Monetary,
Blog | Tags:
Environment,
Financial Regulation Awareness of climate-related financial risks has been growing in the past years. Prudential frameworks however still fall short in reflecting them. Given the possible impacts of climate risks on financial stability, incorporating them into prudential regulation is rapidly moving up agendas both among academics and
... continue reading
Integrating Climate Risks into Credit Risk Assessment: Current Methodologies and the Case of Central Banks Corporate Bond Purchases
Pierre Monnin | 21 December 2018
Monetary,
Discussion Notes | Tags:
Climate Risk,
Credit Risk,
ECB Corporate Sector Purchase Programme Climate change, and the transition to a low-carbon economy that can mitigate it, engender significant economic costs. These costs are ultimately borne by households and firms. They affect households’ and firms’ cash flows and wealth, which are key determinants of their credit worthiness. Climate-related costs
... continue reading