Executive Summary
Assessment and Recommendations
Chapter 1. Key Challenges for the Danish Economy
-The Risk of Overheating Requires Urgent Attention
-A Structural Assessment of the Danish Economy
-Medium-Term Outlook and Challenges
-Conclusions
Annex 1.A1. Progress in Structural Reform
Chapter 2. Fiscal Strategy: Keep with the Targets
-What Can Be Learnt from the Successful Fiscal Management of the Past 25 years?
-The New 2015 Strategy
-Are the Mechanisms to Ensure that Targets are Adhered to Strong Enough?
-How Should the Government's Balance Sheet be Managed?
-Conclusions
Chapter 3. Promoting Employment and Inclusiveness
-What is Happening on the Labour Market in the Current Boom?
-The NAIRU and the Phillips Curve
-The Labour Share and Industry Composition
-How to Support the Current Expansion and Achieve the Jobs Required by the 2015 Strategy
-Conclusions
Annex 3.A1. Labour Market Statistics: Register Data and the Labour Force Survey
-Annex 3.A2. Phillips Curve Estimation
-Annex 3A3. Labour Share Equation Estimation
Chapter 4. Tax Reform, Hours Worked and Growth
-The 2004 and 2008-9 Income Tax Reductions
-How Much Do Income Taxes Matter for Hours Worked?
-How Much Do Income Taxes Matter for Other Drivers of Economic Growth and Welfare?
-Undertaking Tax Reform - Financing Income Tax Cuts
-Conclusions
Chapter 5. Health: A Major Fiscal Challenge
-Health Status, Lifestyle and Access to Care
-Spending on Health and Long-Term Care: What Will the Future Bring?
-Balancing Public and Private Spending
-Efficient Care: Human Resources, Incentives and Coordinated Technology Adoption
-Health and Employment
-Conclusions
Annex 5.A1. Illustrative Model for Long-Run Trends: Is Healthcare Spending Driven by Income or Technology?
Annex 5.A2. Work-Force Initiatives in the June 2007 Tri-Party Agreement and the Quality Strategy for Public Services
Chapter 6. Pension Savings and Capital Taxation
-Developments in Pension Savings
-Flexibility and Market Openness
-Taxation of Pensions and Other Capital Income
-Conclusions
-Annex 6.A1. What Do Operating Costs Say about Pension Funds' Efficiency?