Studies of the empirical relationship between income and mortality often rely on data aggregated by geographic areas and broad population groups and do not distinguish disabled and nondisabled persons. We investigate the relationship between individual mortality and lifetime income with a large...

Estimates of the natural interest rate are often useful in the analysis of monetary and other macroeconomic policies. The topic gathered much attention following the great financial crisis and the Euro Area debt crisis due to the uncertainty regarding the timing of monetary policy normalization...

The literature on the drivers of capital flows stresses the prominent role of global financialfactors. Recent empirical work, however, highlights how this role varies across countries andtime, and this heterogeneity is not well understood. We revisit this question by focusing onfinancial...

The paper examines the potential effects of international migration on labor force participation in advanced economies in Europe. It documents that migration played a significant role in alleviating aging pressures on labor supply by affecting the age composition of receiving countries'...

We study the properties of the IMF-WEO estimates of real-time output gaps for countries in the euro area as well as the determinants of their revisions over 1994-2017. The analysis shows that staff typically saw economies as operating below their potential. In real time, output gaps tend to have...

State-owned enterprises (SOEs) play an important role in Emerging Europe's economies, notably in the energy and transport sectors. Based on a new firm-level dataset, this paper reviews the SOE landscape, assesses SOE performance across countries and vis-a-vis private firms, and evaluates recent...

Using data on commercial banks in the United States and Europe, this paper analyses the impact of the new Basel III capital and liquidity regulation on bank-lending following the 2008 financial crisis. We find that U.S. banks reinforce their risk absorption capacities when expanding their credit...

The labor share in Europe has been on a downward trend. This paper finds that the decline is concentrated in manufacture and among low- to mid-skilled workers. The shifting nature of employment away from full-time jobs and a rollback of employment protection, unemployment benefits and...

This paper studies how fiscal rules interact with the intergovernmental fiscal framework to foster fiscal discipline among European subnational governments. We use political variables describing the fiscal attitudes of the central government as instruments to obtain consistent estimates of the...

This paper surveys European gender budgeting efforts, which have enjoyed sustained support for more than a decade and a half. In a number of countries, gender budgeting led to significant changes in budget legislation and administrative practices. In some countries, it is also possible to tie...