Multinational tax avoidance in developing countries
Niels Johannesen,
Thomas Tørsløv and
Ludvig Wier | 7 April 2016
Fiscal,
Blog | Tags:
Corporate Taxes,
Development,
Tax Avoidance In recent years many global firms—including Starbucks, Google, and Amazon—have come under fire for avoiding paying taxes in one country by shifting their profits to a country with lower tax rates.
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Finance, Growth and Inequality
Boris Cournède and
Oliver Denk | 31 March 2016
Fiscal,
Monetary,
Blog | Tags:
Financial Markets,
Inequality Finance is the lifeblood of modern economies, but too much of the wrong type of finance can hamper economic prosperity and social cohesion. We have taken a holistic approach to study the consequences of finance for the inclusiveness of growth, in the spirit of the
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Monetary Policy According to HANK
Greg Kaplan,
Benjamin Moll and
Giovanni L. Violante | 10 March 2016
Monetary,
Research Papers | Tags:
Inequality,
Interest Rates We revisit the transmission mechanism of monetary policy for household consumption in a Heterogeneous Agent New Keynesian (HANK) model. The model yields empirically realistic distributions of household wealth and marginal propensities to consume because of two key features: multiple assets with different degrees of liquidity
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Trade and Employment. An Overview
Johannes Schwarzer | 29 February 2016
Trade,
Discussion Notes | Tags:
Employment The bulk of economic research on the impacts of trade has for a long time neglected aggregate effects on jobs. While research grants an important role of trade for employment, empirical studies often struggle to attribute employment outcomes to trade policies in the long run.
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Tax Expenditures Deserve Far More Scrutiny
Adam Corlett | 30 December 2015
Fiscal,
Blog | Tags:
Tax Expenditures,
UK Last month, the UK government presented its Spending Review, setting out departmental budgets for the next four years. There were protections for some departments and large cuts (though smaller than expected) for others. Coming after years of previous cuts, many departmental budgets by 2019 will
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Paris to Nairobi
Ujal Singh Bhatia | 23 December 2015
Trade,
Blog | Tags:
Climate,
India,
TPP,
TTIP,
WTO Trade negotiations didn’t have the happy ending of COP-21. But they portend major changes for the WTO. This month has witnessed two important events whose outcomes point to different conclusions for the future of multilateral cooperation. While the Paris Agreement belied pessimistic expectations and produced
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Boosting R&D through Patent Boxes. Panacea or Not?
Agustin Redonda | 10 December 2015
Fiscal,
Blog | Tags:
BEPS,
Innovation,
Tax Competition,
Tax Expenditures On October 5th, the OECD presented the final package of the OECD/G20 Base Erosion and Profit Shifting (BEPS) initiative – a cornerstone in the international drive towards corporate tax reform.
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The Distributional Implications of the Crisis and Policy Responses
William White | 8 December 2015
Monetary,
Blog | Tags:
Inequality,
QE The conduct of monetary policy over the last few years is totally unprecedented. Efforts have been made to influence all parts of the term structure of interest rates and credit spreads as well. Policy rates have been reduced essentially to zero. Forward guidance has also
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Save our Steel! Save our Jobs?
Johannes Schwarzer | 13 November 2015
Trade,
Blog | Tags:
Anti-Dumping,
China,
EU,
Steel,
Tariffs EU member States have recently intensified their calls upon the European Commission to deploy trade defence measures to stem the rising tide of cheap imports of steel from China. It is contended that the slowdown of the Chinese domestic economy has prompted steel manufacturers to
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Looking for a Way out the Subsidies Labyrinth in Argentina
Lucio Castro | 16 October 2015
Fiscal,
Monetary,
Blog | Tags:
Energy,
Inflation,
Subsidies In the midst of a heated electoral campaign, subsidies are at the centre of the political debate in Argentina. Shock or gradual approaches to reform those transfers have emerged as the buzzwords of the moment as the presidential race heats up.
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Tax Expenditures and Sustainability
Agustin Redonda | 8 October 2015
Fiscal,
Blog | Tags:
Renewables,
Tax Expenditures What do 1.8 billion Euro given to Italian farmers, 69.7 billion US$ provided to US homeowners, and 75 billion A$ allocated to support the retirement income system in Australia have in common? They are channeled through tax expenditures.
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Price Level Changes and the Redistribution of Nominal Wealth Across the Euro Area
Klaus Adam and
Junyi Zhu | 17 September 2015
Monetary,
Research Papers | Tags:
Inequality,
Inflation We document the presence of sizable nominal wealth redistribution effects from unexpected price level movements in the Euro Area (EA), using sectoral accounts and newly available data from the Household Finance and Consumption Survey. The EA as a whole is a net loser of unexpected
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Low Interest Rates: An Opportunity for Renewables
Pierre Monnin | 8 July 2015
Monetary,
Blog | Tags:
Energy,
Interest Rates Putting the economy on an environmentally sustainable path requires a serious shift into green technologies. Such a shift includes substantial investments in technologies that are based on renewable energy to produce electricity – referred to hereinafter as “green energy technologies”. Interest rates directly and significantly
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The Impact of Interest Rates on Electricity Production Costs
Pierre Monnin | 25 June 2015
Monetary,
Discussion Notes | Tags:
Energy,
Interest Rates Putting the economy on an environmentally sustainable path requires substantial investments in green energy technologies. Long-term interest rates play a crucial role for energy investments. Against this background, we study the impact of interest rates on the costs of producing electricity with different technologies, using
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