Purpose – To analyse productivity of public expenditures; especially to find out the effect of human capital investment on private sector productivity. Design/methodology/approach – Several measures of public sector capital stock are constructed. These measures are used in testing the...

This paper deals with the question of how consumption taxes, especially the value-added tax, affect consumption prices. The analyses are based on data from EU countries for the period 1970–2004. The starting point is a conventional supply-demand analysis of the tax incidence problem. This...

Household saving ratios in the Nordic countries are very low by international standards and have declined markedly during the 1980s. Aggregate quarterly time-series data for the period 1970-89 are used to study the development of household saving behavior over time. The evidence suggests that...

This paper focuses on the determination of inflation expectations. The following two questions are examined: How much do inflation expectations reflect different economic and institutional regime shifts and in which way do inflation expectations adjust to past inflation? The basic idea in the...