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The CEPII Newsletter       
May 2020        

The French edition is slightly different as it also includes material available in French only  

Europe Monnaie & Finance Trade & Globalization Migrations Economic Policy Emerging Economies Competitivness & Growth Environment & Natural Ressources

Covid-19: Has the Time Come for Mainstream Macroeconomics to Rehabilitate Money Printing?

The scale of public expenditure to be incurred in the Covid-19 health crisis is raising heated debates about the appropriate funding. Long rejected by mainstream macroeconomics due to its possible inflationary consequences, monetization is currently undergoing a surprising rehabilitation. Financing public expenditure by money issuance - without the government ever reimbursing the central bank-, appears as an attractive solution in a context where the burden of public debt could become particularly problematic due both to the persistent threat of secular stagnation and the massive Covid-19 shock. This policy brief offers some theoretical insights into this debate opposing monetization and issuance of additional public debt.

Online seminar series on The Economics of Migration: "Returns to Low-Skilled International Migration: Evidence from the Bangladesh-Malaysia Migration Lottery Program" with Mushfiq Mobarak (Yale University)
May 13, 2020

Online seminar series on The Economics of Migration:  "Refugees and Foreign Direct Investment: Quasi-Experimental Evidence from US" with Anna Maria Mayda (Georgetown University)
May 20, 2020

Online seminar series on The Economics of Migration: Integrating Refugees: Language Training or Work-First Incentives? with Giovanni Peri (University of California, Davis)
May 27, 2020

Online seminar series on The Economics of Migration with Esther Arenas-Arroyo (Vienna University of Economics and Business)
June 3, 2020

Online seminar series on The Economics of Migration " Information and the Acquisition of Social Network Connections: A Randomized Experiment among New U.S. Immigrants" with Dean Yang (University of Michigan)
June 10, 2020


International Corporate Taxation after Covid-19: Minimum Taxation as the New Normal

There are lessons to be learned from the current Covid-19 pandemic. This exceptional situation requires rethinking the provision of sound infrastructures and a functioning health system. National healthcare and other public services, which are currently under increasing pressure, have been underfunded in many countries, an issue that corporate tax avoidance has likely exacerbated. Some multinationals that have been avoiding corporate taxes for years are about to be bailed out by national governments, thus arousing a public sentiment of unfairness. In this Policy Brief, we argue that setting a minimum effective tax rate on the global profit of multinational firms would tackle these concerns.

ISSN: 1255-7072
Editorial Director : Sébastien Jean
Managing Editor : Evgenia Korotkova