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A Model-based Fiscal Taylor Rule and a Toolkit to Assess the Fiscal Stance (IMF, 36 page read) Assesses the fiscal stance, defined as the change in the structural primary balance, by using public debt, output gap and primary balance in the preceding period as the starting point. The model points to G7 primary balances below the recommended levels.
Tax Games: Big Pharma Versus Big Tech (CFR, 6 min read) In contrast to profit shifting by US tech firms that lower US exports, pharma profit shifting raises US imports. The US trade deficit on pharma is now bigger than the surplus on aircraft and comes from Ireland, Singapore and Switzerland, all of which have favourable tax treatment for multinationals.