Are labels good or bad for consumers and firms? The answer may seem straightforward since labels improve information, yet economic theory reveals situations where their introduction reduces the welfare of at least some market participants. This essay reviews the theoretical literature on labels...

In contrast to what has happened throughout the 1960s and 1970s, some of the largest EU countries and Japan are no longer closing the income gap vis-à-vis the United States. Worse, the gap may even be widening since the mid-1990s. While in the case of Japan the gap in GDP per capita is...

This paper addresses the question of whether and how long-term financial trends may have modified the transmission mechanism from monetary policy decisions to economic activity. The focus is on longterm changes, abstracting from the disruptions created by the 2007-08 financial turmoil which are...

What policy reforms are most urgently needed to remove obstacles to output and employment growth in service sectors and to enhance economies’ ability to adjust to structural change as a result of changing trade patterns? This paper reviews the impact of the structural policy framework...