The macroeconomic impact of the Recovery and Resilience Facility: An analysis for Italy, Spain, and Greece
The EU Recovery and Resilience Facility was launched to support post-Covid recovery while accelerating structural transformation through investment and reform. This column provides a preliminary
How large current account imbalances unwind: Evidence from historical adjustment episodes
Global imbalances are back in the policy debate. This column examines 70 current account adjustment episodes across 51 economies from 1980 to 2024 to discover
The EU’s Recovery and Resilience Facility: Experience and lessons for the next multiannual financial framework
The EU’s Recovery and Resilience Facility has become a central test case for performance-based fiscal policy. Its experience offers lessons for the design of the
The hidden unfairness in your tax system and how to fix it
In many developing countries, two people can earn the same income and pay very different amounts of tax — not because of different rates, but
When trust in official statistics declines
Trust in official economic statistics has become an increasingly salient policy issue, including in the US where the Commissioner of the Bureau of Labor Statistics
Fiscal rules compliance and sovereign borrowing costs: Some evidence from the euro area
Governments with well-designed fiscal rules generally enjoy lower yields but less is known about whether investors price compliance with these rules. Using a panel of
Planning for the rising fiscal costs of climate disasters
Low insurance coverage is turning EU governments into disaster insurers of last resort, strengthening the case for prevention and adaptation finance. Climate-related disasters are affecting
Not all reserves are born equal: Why the source matters for sovereign risk
Emerging market economies hold foreign exchange reserves to insure against currency crises and to cushion exchange rate movements. Reserves are generally associated with lower sovereign
Hungary has room to streamline public spending without hurting growth
Cutting some state operating and economic spending to the average of its regional peers could save Hungary more than four percent of GDP. Hungary’s new
Beyond borders, within societies: Inequality and the global transmission of US monetary policy
Understanding how US monetary policy is transmitted to foreign economies has long been a challenge for policymakers and researchers. This column shows that the domestic
