This paper presents new evidence on the social returns to education within a macroeconomic growth regression framework. I use improved schooling data and a macro version of the Mincer relationship between education and wages for individual workers. The results suggest that an increase by one...

This paper provides a detailed description of the current version of the Ecofin Council approved production function (PF) methodology which is used for assessing both the productive capacity (i.e. potential output) and cyclical position (i.e. output gaps) of EU economies. Compared with the...

Between 2000 and 2008 Slovakia grew by almost 6% per year in per capita terms. As a result, Slovakia substantially narrowed the economic gap that separated it from more developed western European countries: Slovak GDP per capita increased from 43% of the EU-15 average in 2000 to 64% in 2008. The...

This country study finds that Poland stands at a crossroads and explores what mix of macroeconomic and structural policies would be most efficient in lifting the Polish economy to a new equilibrium, placing it on a fast-convergence track. Public finance reform, deepening competitiveness and...

In 2003, the ECOFIN Council gave the Economic Policy Committee (EPC) a mandate to produce a new set of long-run budgetary projections for all twenty-five Member States covering pensions, health care, long-term care, education, unemployment transfers and, if possible, contributions to...