This paper studies the sustainability of the Ottoman budget for the period from 1680 to 1747, during different sultanates and war eras. Moreover, we investigate whether the relationship between government revenues and expenditures changes in the period of culus. The empirical evidence gathered...

In this paper, we take a systematic look at global imbalances. First, we provide a definition of the phenomenon, and relate global imbalances to widening external positions of systemically important economies that reflect distortions or entail risks for the global economy. Second, we provide an...

The article analyses the prevalence of part-time employment in different EU countries with a focus on the factors affecting the rate of part-time employment across the EU. Based on the literature review, a distinction is made between three groups of factors that are relevant for the rate of...

Despite notable improvements in the labour market since 2013, wage growth in the euro area was subdued and substantially overpredicted in 2013-17. This paper summarises the findings of an ESCB expert group on the reasons for low wage growth and provides comparable analyses on wage developments...

The COVID-19 pandemic has led to an increase in public debt in most countries. This will increase fiscal pressure in the future. We study how the shape of the optimal nonlinear income tax schedule is affected by this increase. We calibrate the workhorse optimal income tax model to five European...

I assess the macroeconomic and redistributive effects of tax reforms aimed at increasing tax revenue in Spain. To this end, I develop a theory of entrepreneurship that mimics key facts on the wealth and income distribution in Spain. I find two reforms that raise fiscal pressure in Spain to the...

The Covid-19 pandemic has led to an increase in public debt in most countries. This will increase fiscal pressure in the future. We study how the shape of the optimal nonlinear income tax schedule is affected by this increase in fiscal pressure. We calibrate the workhorse optimal income tax...

The progress made by the national government in consolidating its fiscal position between 2002 and 2006 proved unsustainable as its revenue effort started to go down once again in 2007 after a brief improvement in 2005-2007. With the more expansionary stance taken by the government in 2009 as...

This study presents an evaluation of the National Expenditure Program for 2013. First, this paper projects that the fiscal targets set out in the Budget of Expenditures and Sources of Financing (BESF) for 2013 are likely to be met. Specifically, fiscal deficit is projected to be PHP 9.6 billion...

The Philippines' recent economic performance has been remarkable amid the lingering slowdown in the global economy and the devastation brought about by recent natural disasters. The economy grew by 7.2 percent in 2013, substantially higher than its 6.8 percent growth in 2012. With GDP growth...