Indicators of government activity must be carefully designed to be relevant, credible and accountable. Frustration with reform pressures suggests that measures of policy activity are not providing accurate information. In fact, indicators of product or labour market regulation fail to measure...

A number of recent studies regress a "narratively" identified measure of a macroeconomic shock directly on an outcome variable. In this note, we argue that this approach can be viewed as the reduced-form regression of an instrumental variable approach in which the narrative time series is used...

Ukrainan Abstract: В монографії обґрунтовано фундаментальні засади розвитку державних фінансів в умовах хаотичного структурування економіки: окреслено напрями...

In this paper, we present a disaggregated framework for the analysis of past and projected structural developments in the most relevant revenue and expenditure categories and the fiscal balance. The framework, in particular, distinguishes between the effects of discretionary fiscal policy and of...

This paper uses Brazilian quarterly data, from the period January/2002 to June/2015, to estimate the impact of taxes over gross domestic product (GDP) per capita. The econometric results show a negative and statistically significant impact of the overall tax burden over per capita GDP. In...

We provide an early assessment of the Juncker Commission's contributions to the ongoing reform of the euro area. In doing so, we present a chronological summary of the reform process up to 2014. At the time, the euro area architecture had undergone many changes. These were mainly focused on risk...

The purpose of this study is twofold: First, it provides an empirical characterization of fiscal policy in Colombia over the last decades, by assessing the three most relevant macroeconomic factors: the behavior of fiscal policy over the business cycle; whether it has been coherent with the...

In this paper, we present a disaggregated framework for the analysis of past and projected structural developments in the most relevant revenue and expenditure categories and the fiscal balance. The framework, in particular, distinguishes between the effects of discretionary fiscal policy and of...

The purpose of this study is twofold: First, it provides an empirical characterization of fiscal policy in Colombia over the last decades, by assessing the three most relevant macroeconomic factors: the behavior of fiscal policy over the business cycle; whether it has been coherent with the...