MAR
12
0

Week Ahead APAC Economic Preview: Week of 11 March 2019

China data releases include fixed investment, retail sales andcredit growthBank of Japan sets monetary policyIHS Markit Business Outlook surveys to inform on firms' plansfor hiring and investmentSpecial report on the latest global manufacturing trends

With the extent of the slowdown in the global economy underscrutiny, the worldwide release of the tri-annual IHS MarkitBusiness Outlook surveys will provide insights into firms' hiringand investment plans for 2019. Chinese data releases will meanwhileshape financial market expectations of fiscal stimulus after Chinalowered its GDP target this year. The Bank of Japan's policymeeting will be in focus amid calls for additional stimulus afterheadline inflation came in nearly flat.

Other key Asian data releases include South Korea's unemploymentrate, plus inflation and trade data for India and Japan's machineryorders. The UK parliament votes on the Brexit deal. US data such asdurable goods orders, new home sales and inflation will also garnerattention as analysts seek to gauge the Fed's policy outlook.

Our special report this week looks at what the wideningmanufacturing weakness across the world means for globalgrowth.

Download the article for a full diary of key economicreleases.

Contact for further commentary: Chris Williamson or BernardAw

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© IHSMarkit

MAR
11
0

ZEW-Gutachten: Effective Tax Levels Using the Devereux/Griffith Methodology - Update 2018

The aim of this study is to determine effective tax rates for the 28 EU countries as well as Switzerland, Norway, North Macedonia, Turkey, USA, Canada and Japan. The calculation of domestic and cross-border marginal and average effective tax rates is based on the approach developed by Devereux and Griffith. In addition to the company level, the shareholder level is also considered. The study presents the evolution of effective tax rates for the period 1998 to 2018.The results of the project report can be found in Excel files.Original link

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© ZEW

MAR
11
0

ZEW-Gutachten: Effective Tax Levels Using the Devereux/Griffith Methodology - Update 2018

The aim of this study is to determine effective tax rates for the 28 EU countries as well as Switzerland, Norway, Republic of Macedonia, Turkey, USA, Canada and Japan. The calculation of domestic and cross-border marginal and average effective tax rates is based on the approach developed by Devereux and Griffith. In addition to the company level, the shareholder level is also considered. The study presents the evolution of effective tax rates for the period 1998 to 2018.The results of the project report can be found in Excel files.Original link

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© ZEW

MAR
11
0

ZEW-Gutachten: Effective Tax Levels Using the Devereux/Griffith Methodology - Update 2017

The aim of this study is to determine effective tax rates for the 28 EU countries as well as Switzerland, Norway, Republic of Macedonia, Turkey, USA, Canada and Japan. The calculation of domestic and cross-border marginal and average effective tax rates is based on the approach developed by Devereux and Griffith. In addition to the company level, the shareholder level is also considered. The study presents the evolution of effective tax rates for the period 1998 to 2017.The results of the project report can be found in Excel files.Original link

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© ZEW

MAR
11
0

ZEW-Gutachten: Monitoringbericht Kultur- und Kreativwirtschaft 2018

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© ZEW

MAR
11
0

Press Release: Planned Family Policy Reform Will Strengthen Employment

Thanks to the planned family policy reform “Starke-Familien-Gesetz”, which will bring about improvements regarding child supplements allocated to families, gainful employment will become more profitable for families with low incomes in Germany than before. As a consequence, employment figures – measured in full-time units – could rise by around 3,000 jobs. While there are currently around 90,000 households receiving child supplements, the reform could increase the number of eligible households by 80,000. In return, 18,000 households would no longer have to rely on long-term unemployment benefits. These are the main findings of a study conducted jointly by the ZEW – Leibniz Centre for...Original link

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© ZEW

MAR
11
0

Aktuell: Second ZEW-FDZ Data User Workshop (19–20 November 2019)

The second workshop for data users of ZEW’s Research Data Centre will take place on 19 and 20 November 2019 in Mannheim. The workshop will give researchers the opportunity to present and discuss studies conducted using ZEW survey data and it will provide a platform for the exchange among users as well as between users and ZEW’s survey teams. It also addresses the particularities of ZEW surveys. Furthermore, there will be discussions on topics and questions for future surveys.Original link

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© ZEW

MAR
09
0

Powell, Monetary Policy: Normalization and the Road Ahead

Thank you for the opportunity to speak here today at the Stanford Institute for Economic Policy Research, a place dedicated to scholarship supporting policies to better peoples' lives. As today is International Women's Day, I would like to preface my remarks by commending the American Economic Association for highlighting the diversity challenges of the economics profession and charting a way forward. Diversity is also a priority at the Fed: I want the Fed to be known within the economics profession as a great place for women, minorities, and others of diverse backgrounds to be respected, listened to, and happy.

Just over 10 years ago, the Federal Open Market Committee (FOMC, or the Committee) lowered the federal funds rate close to zero, which we refer to as the effective lower bound, or ELB. Unable to lower rates further, the Committee turned to two novel tools to promote the recovery. The first was forward guidance, which is communication about the future path of interest rates. The second was large-scale purchases of longer-term securities, which became known as quantitative easing, or QE. There is a range of views, but most studies have found that these tools provided significant support for the recovery. From the outset, the Committee viewed them as extraordinary measures to be unwound, or "normalized," when conditions ultimately warranted.

Today I will explore some important features of normalization and then turn to what comes after. In some ways, we are returning to the pre-crisis normal. In other ways, things will be different. The world has moved on in the last decade, and attempting to re-create the past would be neither practical nor wise. As normalization moves into its later stages, my colleagues and I also believe that this is an important moment to take stock of issues raised by the remarkable experiences of the past decade. We are therefore conducting a review of the Fed's monetary policy strategy, tools, and communications practices. I will conclude with some thoughts on the review.

Balance Sheet NormalizationBetween December 2008 and October 2014, the Federal Reserve purchased $3.7 trillion in longer-term Treasury and agency securities in order to support the economy both by easing dislocations in market functioning and by driving down longer-term interest rates. Consistent with the Committee's long-stated intention, in October 2017 we started the process of balance sheet normalization. We began gradually reducing the reinvestment of payments received as assets matured or were prepaid, allowing our holdings to shrink. The process of reducing the size of the portfolio is now well along.

To frame the discussion of the final stages of normalization of the size of the balance sheet, it is useful to consider what the phrase "normal balance sheet" meant in the decades before the crisis. During that period, the main monetary policy decision for the FOMC was choosing a target value for the federal funds rate. Subject to that choice, the Fed allowed the demand for its liabilities to determine the size of the balance sheet. This is a feature of "normal" that we are returning to: After normalization, the size of the Fed's balance sheet will once again be driven by the demand for our liabilities.

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© FEDERALRESERVE

MAR
08
0

Schools, Australia

More girls than boys staying in school (Media Release)Original link

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© absau

MAR
08
0

Livestock and Meat, Australia

Mutton production up 12% since January 2018Original link

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© absau

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