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A Decomposition of Balance Sheet Reduction

https://d.repec.org/n?u=RePEc:fip:fedgfn:102443&r=&r=acc

Published: February 2, 2026 00:00

Since the Global Financial Crisis, central banks have used the size and composition of their balance sheets to influence financial conditions and economic activity when policy rates are constrained by the effective lower bound. A common measure of the size…

The Reverse Method: An Indirect VAT Compliance Gap Estimation Technique

https://d.repec.org/n?u=RePEc:imf:imftnm:2025/015&r=&r=acc

Published: December 23, 2025 00:00

This technical note presents the Reverse Method, a novel indirect approach for estimating the global value-added tax (VAT) compliance gap. The Reverse Method leverages public datasets and a calibrated econometric model to produce scalable, comparable, and…

Brazil's VAT Reform: Ensuring Revenue Neutrality

https://d.repec.org/n?u=RePEc:imf:imfwpa:2025/266&r=&r=acc

Published: December 19, 2025 00:00

Brazil’s landmark VAT reform, approved in December 2023, will profoundly alter the way consumption taxes are raised across three levels of government. The dual VAT will replace five overlapping taxes, address major inefficiencies of the current system, and…

Designing Bank Regulation with Accounting Discretion

https://d.repec.org/n?u=RePEc:fip:fednls:102211&r=&r=acc

Published: December 15, 2025 00:00

Why does the banking industry remain prone to large and costly disruptions despite being so heavily regulated? Is there a need for more regulation, less regulation, or simply different regulation? Our recent Staff Report combines insights from academic…

Regulatory Dominance of the Federal Reserve’s Balance Sheet: A speech at the Bank Policy Institute and Small Business & Entrepreneurship Council, Washington, D.C., November 19, 2025

https://d.repec.org/n?u=RePEc:fip:fedgsq:102128&r=&r=acc

Published: November 19, 2025 00:00

​​Preferential Tax Schemes and High-Skilled Immigration: Lessons for Finland

https://d.repec.org/n?u=RePEc:rif:briefs:168&r=&r=acc

Published: November 18, 2025 00:00

Abstract High-skilled immigration has consistently demonstrated positive effects on firm performance, innovation, and productivity, while generally avoiding adverse impacts on native wages or employment. Consequently, many countries offer preferential tax…

Credit Loss in Translation: Informing Bank Provisions and Capital Buffer Requirements with Forward-Looking Credit Loss Distributions

https://d.repec.org/n?u=RePEc:imf:imfwpa:2025/228&r=&r=acc

Published: November 7, 2025 00:00

We develop a model framework that can be used to derive the forward-looking credit loss distributions for banks' credit exposures, to use it for (1) assessing the adequacy of provisions at the bank-portfolio level; (2) macro stress testing; and (3)…

Firm-Level Responses to a Canceled Dividend Tax Increase

https://d.repec.org/n?u=RePEc:hhs:umnees:1040&r=&r=acc

Published: October 30, 2025 00:00

Several papers examine how firms react to dividend tax reforms. But can tax reforms affect firm behavior without even occurring? An increase in the dividend tax on shares of Swedish closely-held corporations, scheduled for January 1, 2018, was canceled at…

Tax-Motivated Firm Splitting

https://d.repec.org/n?u=RePEc:hhs:iuiwop:1539&r=&r=acc

Published: October 30, 2025 00:00

How do corporate tax systems shape the boundaries of the firm? This paper shows that nonlinear corporate income taxation can distort firms’ organizational structures by inducing tax-motivated firm splitting. I use administrative data on corporations and…

The Sovereign Bond Issuance and Tax Competition for Portfolio Investment

https://d.repec.org/n?u=RePEc:keo:dpaper:dp2025-024&r=&r=acc

Published: October 27, 2025 00:00

This study examines interjurisdictional tax competition aimed at attracting portfolio investments by foreign creditors in sovereign bonds and corporate loans. In each of two jurisdictions, one with lower and the other with higher capital, governments…