Monetary Policy, Macroprudential Regulation and Inequality
Pierre Monnin | 12 April 2017
Monetary,
Discussion Notes | Tags:
Inequality,
Interest Rates,
Macroprudential Policy
The 2008 global financial crisis profoundly changed the role of central banks in the economy. First, central banks engaged in strong expansionary monetary policy, using new unconventional tools to boost economic activity. Second, they were key to containing financial instability, which led them to implement
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The Effects of Exporting on Labour Productivity: Evidence from German Firms
Johannes Schwarzer | 24 March 2017
Trade,
Research Papers | Tags:
Employment,
Productivity,
Services Trade
We revisit the "self-selection vs. learning-by-exporting (LBE)" debate with new evidence on a large panel of German firms of all economic sectors up to the 3-digit NACE level, between 1993-2014, and shed new light on the channels that foster export-induced productivity gains.
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Trade and Jobs in Europe: The Role of Mode 5 Services Exports
José M. Rueda-Cantuche,
Lucian Cernat and
Nuno Sousa | 16 March 2017
Trade,
Blog | Tags:
Employment,
Services Trade
From 1995 to 2011, the EU employment supported by exports of goods and services to the rest of the world grew by 67%, reaching a total of 31 million jobs. In a recent research piece we set out to bring to light some key insights
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Before We Reform Tax Policy, We Need to Know What Is Working
C. Eugene Steuerle | 9 March 2017
Fiscal,
Blog | Tags:
Tax Expenditures
Congress and President Trump are embarking on what is likely to be a major rewrite of the federal income tax code. Yet, neither they nor anyone else knows whether the hundreds of tax preferences embedded in the law accomplish their stated purposes.
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Inheritance Taxation, Corporate Succession and Sustainability
Agustin Redonda | 6 March 2017
Fiscal,
Discussion Notes | Tags:
Inheritance Tax,
SMEs,
Tax Expenditures
Inheritance and estate tax rates are highly heterogeneous across countries. Indeed, the lack of a broadly accepted model of optimal inheritance taxation is reflected in statutory tax rates ranging from 0% in several countries including Australia, Canada and Sweden to 55% in Japan.
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Inequality Should Matter for Central Banks
Liviu Voinea and
Pierre Monnin | 16 February 2017
Monetary,
Blog | Tags:
Central Banks,
Inequality,
Quantitative Easing
Central bankers have long been discreet about the links between monetary policy and inequality. They justify this reserve by the fact that their mandates do not charge them with addressing inequality and they generally argue that by providing price stability, central banks maintain the existing
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CGE Models vs Educated Guesswork: The Case of the EU-Korea FTA
Johannes Schwarzer | 17 January 2017
Trade,
Blog | Tags:
CETA,
TPP,
TTIP
A September 2016 research note by the European Commission on the effects of the EU-Korea Free Trade Agreement has recently been picked up in social media by various commentators. Amid rising skepticism around trade agreements and a tendency to question established wisdom, its 2-fold message is balm for the
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Impact of Linking into Global Value Chains on Indian Employment
Karishma Banga | 11 January 2017
Trade,
Research Papers | Tags:
Employment,
Global Value Chains,
Services Trade
This study examines the industry-level impact of linking into GVCs for the Indian labour market, spanning the period 1995-2011. The analysis includes manufacturing, services, agriculture and allied activities.
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Pension Tax Expenditures. A Costly Christmas Gift … Not From Santa
Agustin Redonda | 4 January 2017
Fiscal,
Blog | Tags:
Fiscal,
Inequality,
Pensions,
Tax Expenditures
For people living in Switzerland, December 31 was the last day for 2016 contributions into their Pillar 3a retirement accounts – and hence for taking advantage of the exemption from income tax that these payments benefit from. The scheme is one of many examples from
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Tax Expenditures and Sustainability. An Overview
Agustin Redonda | 11 November 2016
Fiscal,
Discussion Notes | Tags:
Employment,
Energy,
Fossil Fuel Subsidies,
Health,
Housing,
Inequality,
Innovation,
Patent Boxes,
Pensions,
Tax Expenditures,
VAT
Fiscal policy has significant effects on a broad sustainability agenda covering long-term economic, social and environmental goals. However, whereas a myriad of actors scrutinize taxation as well as direct government spending with regard to their impact on sustainability, a key feature of fiscal policy has
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