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on Public Finance |
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Issue of 2014‒10‒17
two papers chosen by |
| By: | Galina A. Kitova (National Research University Higher School of Economics) |
| Abstract: | In recent years R&D tax incentives have been characterized by increasing scale and spread on innovation activity. Approaches to integrated R&D tax incentives into "recipes" for long-term growth and competitiveness were developed and tested in many countries. For exam-ple, only 12 OECD members employed R&D tax incentives in 1995, but 27 members do so in 2013 (as well as Brazil, China, India, Russia and other countries). And their share of total government expenditure on R&D (direct and tax) by OECD member countries reached at least a third. These trends have accompanied the development and testing of approaches to estimate the costs of tax support for R&D (including tax expenditures) and its effects and to ensure that they are internationally compatible. As for Russia, there are no officially accepted estimates of the scale and effectiveness of R&D and innovation tax support yet, though efforts to calculate them have been under way since 2010. This paper includes the current state of empirical research of tax support for R&D and in-novation in the Russian Federation, as well as a survey of the demand for its tools from research institutes, universities performing R&D, and manufacturing enterprises, which was conducted in 2012-2013. The results obtained demonstrate the power of empirical analysis and optimization of R&D and innovation tax incentives in the Russian Federation, against the background of the field's best practices and current trends. |
| Keywords: | R&D, innovation, tax incentives, tax expenditures, demand for R&D and in-novation tax incentives. |
| JEL: | H21 H22 H25 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:28sti2014&r=pub |
| By: | Croushore, Dean (Federal Reserve Bank of Philadelphia); van Norden, Simon (Federal Reserve Bank of Philadelphia) |
| Abstract: | The surge in fiscal deficits since 2008 has put a renewed focus on the authors’ understanding of fiscal policy. The interaction of fiscal and monetary policy during this period has also been the subject of much discussion and analysis. This paper gives new insight into past fiscal policy and its influence on monetary policy by examining the U.S. Federal Reserve Board staff’s Greenbook forecasts of fiscal policy. The authors create a real-time database of the Greenbook forecasts of fiscal policy, examine the forecast performance in terms of bias and effciency, and explore the implications for the interaction of fiscal policy and monetary policy. The authors also attempt to provide advice for fiscal policy by showing how policymakers learn over time about the trajectory of the U.S. federal government’s fiscal balance as well as the changing roles of structural and cyclical factors. |
| Keywords: | Fiscal policy; Deficits; Forecasting; FOMC; Greenbook |
| JEL: | E62 H68 |
| Date: | 2014–09–22 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedpwp:14-22&r=pub |