This paper studies the main factors that explain the low regional mobility in Spain, with a view to identifying policy options at the regional and central level to promote labor mobility. The empirical analysis finds that house prices, labor market conditions, and the pervasiveness of labor...

Blacks in the United States have a lower geographic mobility rates than whites even though they have several characteristics that are usually associated with high rates of mobility: high unemployment, low rate of home ownership, low marriage rate and settlement in areas where unemployment is...

Growing regional inequality within countries has raised the perception that 'someplaces and people' are left behind. This has prompted a shift toward inward-looking policies andaway from pro-growth reforms. This paper presents novel stylized facts on regional inequality forOECD countries. It...

Fiscal policy is a key tool for achieving distributional objectives in advanced economies. Thispaper embeds the discussion of fiscal redistribution within the standard social welfareframework, which lends itself to a transparent and practical evaluation of the extent anddeterminants of fiscal...

Cross-border migration can act as an important adjustment mechanism to country-specific shocks. Yet, depending on who moves, it can have unintended consequences for business cycle stability. This paper argues that the skill composition of migration plays a critical role. When migration flows...

Cyber-attacks on financial institutions and financial market infrastructures are becomingmore common and more sophisticated. Risk awareness has been increasing, firms activelymanage cyber risk and invest in cybersecurity, and to some extent transfer and pool theirrisks through cyber liability...

In recent years, term premia have been very low and sometimes even negative. Now, with the United States economy growing above potential, inflationary pressures are on the rise. Term premia are very sensitive to the expected future path of growth, inflation, and monetary policy, and an inflation...

U.S. business investment has taken a serious toll during the global financial crisis and also in the recovery phase investment did not pick up as expected. What is surprising is that the alleged investment slowdown happened at a time of record corporate profits and retained earnings, highly...

In March 2017, the IMF published an upgrade of its Direction of Trade Statistics (DOTS) dataset. This paper documents the new methodology that has been developed to estimate missing observations of bilateral trade statistics on a monthly basis. The new estimation procedure is founded on a...

This paper develops a framework for the quantitative analysis of individual income dynamics, mobility and welfare. Individual income is assumed to follow a stochastic process with two (unobserved) components, an i.i.d. component representing measurement error or transitory income shocks and an...