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This paper uses firm-level data that covers over 1.2 million Spanish firms during the period of 2003-2019 to provide an updated assessment of the drivers of labor productivity in the Spanish economy, focusing on both TFP and firm investment. The empirical analysis shows significant differences in production constraints in both the capital market and the labor market, across firm size and age. This paper also includes a review of Spain’s ambitious reform commitments under the Recovery, Transformation and Resilience Plan and concludes with recommendations for further action.

Money and Monetary Policy --- International Economics --- Production and Operations Management --- Macroeconomics --- Labor --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Investment --- Capital --- Intangible Capital --- Macroeconomics: Production --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Measurement of Economic Growth --- Aggregate Productivity --- Cross-Country Output Convergence --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Labor Economics: General --- Demand and Supply of Labor: General --- Monetary economics --- International institutions --- Labour --- income economics --- Monetary policy --- International organization --- Labor productivity --- Total factor productivity --- Labor markets --- Productivity --- International agencies --- Industrial productivity --- Labor economics --- Labor market --- Spain

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This paper uses firm-level data that covers over 1.2 million Spanish firms during the period of 2003-2019 to provide an updated assessment of the drivers of labor productivity in the Spanish economy, focusing on both TFP and firm investment. The empirical analysis shows significant differences in production constraints in both the capital market and the labor market, across firm size and age. This paper also includes a review of Spain’s ambitious reform commitments under the Recovery, Transformation and Resilience Plan and concludes with recommendations for further action.

Spain --- Money and Monetary Policy --- International Economics --- Production and Operations Management --- Macroeconomics --- Labor --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Investment --- Capital --- Intangible Capital --- Macroeconomics: Production --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Measurement of Economic Growth --- Aggregate Productivity --- Cross-Country Output Convergence --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Labor Economics: General --- Demand and Supply of Labor: General --- Monetary economics --- International institutions --- Labour --- income economics --- Monetary policy --- International organization --- Labor productivity --- Total factor productivity --- Labor markets --- Productivity --- International agencies --- Industrial productivity --- Labor economics --- Labor market --- Income economics

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The UK has pledged to cut greenhouse gases 57 percent below 1990 levels by 2030, to be emisisons neutral by 2050, and to phase out internal combustion engine vehicles by 2030. Much progress has been made, but fully achieving these ambitious objectives with the current policy framework will be challenging as it involves multiple and overlapping pricing schemes with significant sectoral differences in carbon prices and may be difficult to scale up on political and administrative grounds. This paper discusses an alternative framework consisting of: (i) a comprehensive carbon price (ideally a tax) rising to at least £60 (US $75) per ton by 2030; and (ii) reinforcing sectoral policies, most importantly feebates for the transport, industrial, and building sectors. This framework could implement mitigation targets, while limiting burdens on households and firms to enhance acceptability, and still raise revenues of 0.8 percent of GDP in 2030. The UK could also leverage its COP26 presidency to promote dialogue on international carbon price floors and pricing of international transport emissions.

United Kingdom --- Business and Economics --- Nature --- Infrastructure --- Public Finance --- Taxation --- Environmental Economics --- Environmental Conservation and Protection --- Energy: Government Policy --- Climate --- Natural Disasters and Their Management --- Global Warming --- Environmental Economics: Government Policy --- Taxation and Subsidies: Externalities --- Redistributive Effects --- Environmental Taxes and Subsidies --- National Government Expenditures and Related Policies: General --- Industry Studies: Transportation and Utilities: General --- Public finance & taxation --- Climate change --- Macroeconomics --- Carbon tax --- Greenhouse gas emissions --- Public expenditure review --- Transportation --- Taxes --- Environment --- Expenditure --- National accounts --- Environmental impact charges --- Greenhouse gases --- Expenditures, Public --- Saving and investment --- Climatic changes

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The paper proposes a simple, new, analytical framework for assessing the cost and benefits of macroprudential policies. It proposes a measure of net benefits in terms of parameters that can be estimated: the probability of crisis, the loss in output given crisis, policy effectiveness in bringing down both the probability and damage during crisis, and the output-cost of a policy decision. It discusses three types of policy leakages and identifies instruments that could best minimize the leakages. Some rules of thumb for policymakers are provided.

Monetary policy. --- Macroeconomics. --- Economics --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Banks and Banking --- Financial Risk Management --- Macroeconomics --- Money and Monetary Policy --- Industries: Financial Services --- Real Estate --- Central Banks and Their Policies --- Financial Crises --- Financial Institutions and Services: Government Policy and Regulation --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Markets and the Macroeconomy --- Housing Supply and Markets --- Monetary economics --- Economic & financial crises & disasters --- Finance --- Banking --- Property & real estate --- Credit --- Financial crises --- Loans --- Macroprudential policy --- Money --- Financial institutions --- Financial sector policy and analysis --- Housing prices --- Prices --- Banks and banking --- Housing --- United States

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The recommended way of helping households during the ongoing European energy crisis is to allow price signals to operate freely while providing targeted compensation to the vulnerable. In practice, however, institutional, political, and technical constraints have led many European governments to adopt broad, price-suppressing measures, which impede the adjustment in demand, have high fiscal costs, and widen cross-country gaps in prices. This paper focuses on easy-to-implement, second-best policies. Bonuses or rebates on energy bills (that are not linked to the current volume of consumption) or block tariffs are simple options which would improve on the current policy design in many countries. To avoid stoking inflation, fiscal policy should not add to aggregate demand, so relief for energy bills should be targeted and coupled with offsetting fiscal measures. One option is to reclaim the relief from the better-off through income taxation, which would also make support more progressive.

Macroeconomics --- Economics: General --- Public Finance --- Industries: Energy --- Taxation and Subsidies: Incidence --- Taxation and Subsidies: Externalities --- Redistributive Effects --- Environmental Taxes and Subsidies --- Energy: Demand and Supply --- Prices --- Energy: Government Policy --- Environmental Economics: Government Policy --- Macroeconomics: Consumption --- Saving --- Wealth --- Hydrocarbon Resources --- Aggregate Factor Income Distribution --- Economic & financial crises & disasters --- Economics of specific sectors --- Energy industries & utilities --- Petroleum, oil & gas industries --- Energy prices --- Energy pricing --- Expenditure --- Consumption --- National accounts --- Natural gas sector --- Economic sectors --- Income --- Currency crises --- Informal sector --- Economics --- Expenditures, Public --- Gas industry --- Germany