The recent US tax reform, Tax Cuts and Jobs Act of 2017, lowered the statutory corporate income tax rates and brought other important changes for the taxation of multinational enterprises worldwide. This paper reviews these changes and discusses their effects for effective tax rates and tax...

Migrants’ remittances are an important financial flow to their country of origin. Remittances sent by migrants reduce the level and severity of poverty in developing countries. Householders use this money received from migrants for their private consumption and their investments. This paper...

The United States approach to taxing foreign-source income is a hybrid worldwide system in form. However, because of deferral of U.S. tax on foreign-source active business income, liberal cross crediting opportunities and other defects, the U.S. system can actually produce a...

This study examines whether U.S. effective tax rates on foreign income of U.S. multinationals (MNCs) vary according to the favorability of U.S. macroeconomic conditions relative to those of non-U.S. countries. We use the pre-Tax Cuts and Jobs Act of 2017 regime as our setting and present...

I study the spill-over effects of legislated discretionary tax changes in the United States, Germany, and the United Kingdom to 11 Eurozone countries for the period 1980Q1-2018Q4 employing Local Projections (Jordà, 2005). In general, I find spillovers from US tax legislation to have the...

This paper provides a comprehensive empirical analysis of the role of discretionary fiscal policy for inflation differentials across the 19 euro area countries over the period 1999-2019. The results confirm existing (older) literature that it is difficult to find robust evidence of the fiscal...

I use panel data of sales by the foreign subsidiaries of the U.S. MNCs to examine whether trading blocs create more or less FDI and the impacts on FDI of the extended market size created by forming blocs. By employing a region-fixed effects model, I find that countries forming trading blocs...

Investment regulations implemented by the US government as part of the response to COVID-19 have implications for capital flows. The objective of this paper is to analyse how these regulations affect FDI flows, the potential long-term consequences for the United States and developing economies....

In March 2024, the European Central Bank published the results of a review of its operational framework. After discussing how the ECB operational framework has changed since the Great Financial Crisis, we provide an assessment of the review, which we deem as premature, and highlight some gaps it...