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 incidence of housing subsidies, which we analyze using Finnish panel data. The main data set includes 50,000 households that received housing allowances during the period 2000–2008. In addition, we utilize repeated cross-sections of all Finnish households for...

This paper studies uncertainty using the ECB Survey of Professional Forecasters’ data. Both inflation and real GDP growth forecasts at the micro level are considered. Our analysis indicates that individual inflation uncertainty is closely related to output growth uncertainty. Individual...

This paper deals with the problems of assessing the effects of fiscal policy in the European Monetary Union. Here, we face wide cross-country differences in key fiscal parameters, some of which may also be vary over time (business cycle). Moreover, these effects may also depend on trade...

This article deals with the issue of how the market structure in banking affects the choice of the means of payment. In particular, the demand for cash is analysed from this point of view. The analysis is based on a simple spatial transactions model in which banks' optimization problem is...