Working Papers


  • 17-December-2014

    English

    New tax and expenditure elasticity estimates for EU budget surveillance

    This paper estimates the elasticities of government revenue and expenditure items with respect to the output gap for European Union (EU) countries. These elasticities are used by the European Commission, as part of the EU fiscal surveillance process, to calculate the semi-elasticity of the budget balance as a percentage of GDP with respect to the output gap.

  • 18-September-2014

    English

    Reducing macroeconomic imbalances in Turkey

    Turkey recovered swiftly from the global financial crisis but sizeable macroeconomic imbalances arose in the process.

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  • 24-July-2014

    English

    Taxing the rent of non-renewable resource sectors: a theoretical note

    This study analyses the economic rent generated by the exploitation of a non-renewable resource, and the taxation of this rent.

  • 24-July-2014

    English

    Making the best of new energy resources in the United States

    Since around 2007, the country has been enjoying an “energy renaissance” thanks to its abundant stocks of shale oil and gas. The resurgence in oil and gas production is beginning to create discernible economic impacts and has changed the landscape for natural gas prices in the United States, boosting competitiveness.

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  • 24-July-2014

    English

    Economic uncertainties and their impact on activity in Greece compared with Ireland and Portugal

    Uncertainty faced by households and firms affects economic activity. The rise in uncertainty since the beginning of the sovereign debt crisis in Greece could be one factor that has contributed to the steep and long-lasting recession. This paper presents a brief empirical analysis quantifying this phenomenon and compares it with developments in Ireland and Portugal.

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  • 5-June-2014

    English

    Local public finances and municipal reform in Finland

    Finnish municipalities enjoy ample fiscal autonomy and provide or arrange the provision of a large share of public services. In recent years, their spending and debt has been increasing steadily, especially because of population ageing and increases in the cost of health care and social services.

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  • 24-April-2014

    English

    How to improve taxes and transfers in Israel

    Ensuring tax and transfer systems bring sufficient revenue to reach macroeconomic fiscal targets, address societal goals in re-distribution and social welfare, recognise the influence taxation has on businesses’ competitiveness and adequately address environmental externalities is a tough challenge, arguably more so in Israel than in many other OECD countries.

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  • 6-January-2014

    English

    The effect of government debt, external debt and their interaction on OECD interest rates

    In the wake of the financial crisis there has been renewed focus on the importance of a country’s net external debt position in determining domestic interest rates and, relatedly, its vulnerability to a crisis. This paper extends the panel estimation of OECD countries described in Turner and Spinelli (2012) to investigate the effect of external debt and its interaction with government debt on the interest-rate-growth differential.

  • 10-December-2013

    English

    New econometric estimates of long-term growth effects of different areas of public spending

    Using panel data for OECD countries, this study investigates the extent to which changes in government spending on education, health and other areas influence long-term growth.

  • 10-December-2013

    English

    Cross-country spillovers from fiscal consolidations

    In many OECD countries, government debt reached levels over recent years that call for reduction over the medium to longer term to ensure public finance sustainability. This paper investigates the international transmission of fiscal consolidation shocks via trade flows.

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