The US labor share of income has been on a secular downward trajectory since the beginning
of the new millennium. Using data that are disaggregated across both state and industry, …

Budget revenue forecasts should be best estimates of expected receipts. Often they are not.
This paper analyzes the rationale for overstated revenue forecasts and derives conditions …

In this paper, we undertake empirical analysis to understand US wage behavior since the
beginning of the new millennium. At the macroeconomic level, we find that a productivity-…

Japan’s revitalization plan, dubbed the “three arrows of Abenomics,” devises a three-pronged
strategy—combining fiscal, monetary, and structural policies—to overcome that country’s …

Since the global financial crisis, US wage growth has been sluggish. Drawing on individual
earnings data from the 2000–15 Current Population Survey, I find that the drawn-out cyclical …

Oil and gas production in Azerbaijan were projected to increase sharply in 2005 and 2006,
respectively, reaching peaks of 1.3 million barrels a day in 2009 and 20 billion cubic meters a …

This paper examines the regional distribution of public employment in Italy. It documents
two facts. The first is that public employment is used as a subsidy from the North to the less …

This paper studies how financial stress is transmitted from advanced to emerging economies,
using a new financial stress index for emerging economies. An episode of financial stress …

With this significant asset stock, the key challenge for the government will be to strike the right
balance between current expenditures and conserving assets for future generations. The …

Studies of experiences of countries rich in exhaustible natural resources reveal that natural-resource-driven
booms have often led to deterioration in macroeconomic performance and …