This paper presents a comprehensive characterization of "fiscal drag" - the increase in tax revenue that occurs when nominal tax bases grow but nominal parameters of progressive tax legislation are not updated accordingly - across 21 European countries using a microsimulation approach. First, we...

This paper presents a comprehensive characterization of "fiscal drag" - the increase in tax revenue that occurs when nominal tax bases grow but nominal parameters of progressive tax legislation are not updated accordingly - across 21 European countries using a microsimulation approach. First, we...

This paper presents a comprehensive characterization of "fiscal drag"-the increase in tax revenue that occurs when nominal tax bases grow but nominal parameters of progressive tax legislation are not updated accordingly-across 21 European countries using a microsimulation approach. First, we...

Socio-economic differences in longevity have fuelled a debate whether pension systems have a regressive bias favouring groups with a high life expectancy. We show that the distributional implications of such pooling depend critically on the benefit profile across age/time, which in turn is...

We build on recent developments in the theory of money and liquidity to provide a qualitative and quantitative explanation for the well-known TIPS illiquidity vis-'a-vis non-inflation-protected Treasuries. Our model does not assume exogenous differences between the markets where the two assets...

The OECD.AI Index provides governments with a robust framework to measure national AI capabilities and track progress in implementing the OECD AI Recommendation. Using a composite measurement framework, the Index combines existing AI-specific indicators from the OECD.AI Policy Observatory with...

This paper presents a new global dataset on current practices for four budget items in terms of indexation to the price level and other nominal variables. Compiling data from documents of select multilateral organizations, governments, and related literature as well as conducting a survey among...

We examine the inflation-hedging properties of various financial assets and portfolios by estimating simple time-series models of the joint dynamics of each asset-inflation pair, for multiple inflation indices and at horizons from one month to 30 years. There is no one-size-fits-all approach to...

Index insurance programs in developing countries have focused almost entirely on agricultural production risk (yield), while largely avoiding output marketing risk (price). This omission may miss an important constraint on smallholder investment and may partially explain underwhelming demand for...