A fiscal devaluation is likely to have a small, short lived expansionary effect on employment and GDP, points out a study commissioned by European Comission’s Directorate-General for Taxation and Customs Union, and completed by a consortium of eight European research institutes, including ETLA, the Research Institute of the Finnish Economy.

In Interconnected Economies: Benefiting from Global Value Chains. OECD 2013, p. 23

In Christian Ketels (Ed.), State of the Region Report (pages 126–135). Copenhagen, Denmark: Baltic Development Forum.

One would not expect rankings of world’s most valuable brands to interest but a specialised audience, but in Finland they get past the general media’s gatekeepers for one reason: Nokia. Every Finn used to take a lot of pride in seeing Nokia to feature prominently in the rankings. Today reporters browse through the rankings for […]

Recent macroeconomic literature has stressed the importance of resource allocation between firms for aggregate productivity. An important issue, therefore, is how to measure allocative efficiency. We compare popular indicators of allocative efficiency, paying special attention to firm turnover. We first show how entering and exiting firms contribute to aggregate productivity and to the Olley-Pakes (OP) […]