Your email was sent successfully. Check your inbox.

An error occurred while sending the email. Please try again.

Proceed reservation?

Export
Filter
  • MPI Ethno. Forsch.  (22)
  • HBZ
  • 2005-2009  (22)
  • André, Christophe  (12)
  • Cournède, Boris  (10)
  • Paris : OECD Publishing  (22)
  • Economics  (22)
  • Education
Datasource
  • MPI Ethno. Forsch.  (22)
  • HBZ
Material
Language
Years
Year
Author, Corporation
Publisher
  • Paris : OECD Publishing  (22)
Keywords
  • 1
    Online Resource
    Online Resource
    The Role of Transparency in the Conduct of Monetary Policy (2009)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 61 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.724
    Keywords: Economics
    Abstract: In contrast to the once prevailing norm of secrecy and opaqueness, transparency has now become one of the main features characterising the conduct of monetary policy. Detailed analysis of eleven OECD central banks shows that communication practices have converged markedly in the direction of ever greater transparency. Empirical evidence is consistent with the hypothesis that transparency contributes to the successful conduct of monetary policy: higher transparency is a typical element of monetary frameworks that are associated with better anchored inflation expectations and more stable inflation outcomes. Despite this general trend toward increased transparency, however, central banks differ in actual communication practices. There is a particular divergence with respect to transparency in the decision-making process and communication regarding future policy inclination. Although the appropriate degree of transparency in these areas is an unsettled issue, the fact that financial dislocation is impairing conventional monetary transmission makes these two areas critical for policy implementation.
    DOI: 10.1787/221128317344
    URL: Volltext
    URL: lizenzpflichtig
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    MPI Ethno. Forsch.
  • 2
    Online Resource
    Online Resource
    Is there a Case for Price-level Targeting? (2009)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 27 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.721
    Keywords: Economics
    Abstract: There is a case, but there are also counter-arguments. With sufficient forward-looking behaviour among firms and households, price-level targeting can act as a powerful built-in stabiliser through automatic shifts in inflation expectations. This stabilisation mechanism reduces the need for large shifts in policy rates, alleviating the risk of hitting the zero lower bound of nominal interest rates and falling into a liquidity trap. Furthermore, credible price-level targeting can support capital accumulation by protecting the long-run purchasing power of money and reducing the inflation risk premium embedded in actual long-term real interest rates. However, price-level targeting can imply welfare-reducing policy-induced output volatility in situations where the degree of forward-looking behaviour is very low. The self-regulating capacity of price-level targeting can be undermined if central banks are not fully credible. Besides, aggressive inflation targeting can replicate some of (but not all) the benefits of price-level targeting. On balance, the case for adopting price-level targeting is not clear-cut, all the more so since transition costs are likely to be significant.
    DOI: 10.1787/221824208526
    URL: Volltext
    URL: lizenzpflichtig
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    MPI Ethno. Forsch.
  • 3
    Online Resource
    Online Resource
    Accounting for One-off Operations when Assessing Underlying Fiscal Positions (2008)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 34 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.642
    Keywords: Economics
    Abstract: Frequent recourse to large one-off operations in a number of OECD countries has undermined the accuracy of cyclically adjusted fiscal balances as a measure of both the sustainability of public finance and the fiscal stance. This paper first provides detailed information on the nature and amount of these one-offs for 9 OECD countries. The paper then presents a new indicator – the “underlying” fiscal balance – which effectively eliminates the impact of one-offs and cyclical developments. One-offs are derived as the deviations from trend in net capital transfers, i.e. from widely available national account data. This approach provides a consistent treatment of one-offs both across countries and over time, avoiding the potential information biases which could result from an individual identification of one-offs.
    DOI: 10.1787/236220765316
    URL: Volltext
    URL: lizenzpflichtig
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    MPI Ethno. Forsch.
  • 4
    Online Resource
    Online Resource
    Have Long-term Financial Trends Changed the Transmission of Monetary Policy? (2008)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 38 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.634
    Keywords: Economics
    Abstract: This paper addresses the question of whether and how long-term financial trends may have modified the transmission mechanism from monetary policy decisions to economic activity. The focus is on longterm changes, abstracting from the disruptions created by the 2007-08 financial turmoil which are temporarily affecting the transmission mechanism. The first series of findings is that a number of factors have worked to strengthen the transmission of monetary policy, including more competitive financial markets, higher household indebtedness, greater diversity in the supply of financial products, greater financial integration and more responsive asset pricing mechanisms. However, other factors appear to have simultaneously gone in the direction of weakening transmission of domestic policy, including greater external financial influences, lower exchange-rate pass-through and a broad-based shift towards fixed-rate assets and liabilities. On balance, monetary policy appears to remain a powerful tool for guiding aggregate demand, but a number of changes that have worked to support the strength of transmission have also increased risks to financial stability.
    DOI: 10.1787/238203348082
    URL: Volltext
    URL: lizenzpflichtig
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    MPI Ethno. Forsch.
  • 5
    Online Resource
    Online Resource
    Health Status Determinants : Lifestyle, Environment, Health Care Resources and Efficiency (2008)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 75 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.627
    Keywords: Economics
    Abstract: This paper aims to shed light on the contribution of health care and other determinants to the health status of the population and to provide evidence on whether or not health care resources are producing similar value for money across OECD countries. First, it discusses the pros and cons of various indicators of the health status, concluding that mortality and longevity indicators have some drawbacks but remain the best available proxies. Second, it suggests that changes in health care spending, lifestyle factors (smoking and alcohol consumption as well as diet), education, pollution and income have been important factors behind improvements in health status. Third, it derives estimates of countries’ relative performance in transforming health care resources into longevity from two different methods – panel data regressions and data envelopment analysis – which give remarkably consistent results. The empirical estimates suggest that potential efficiency gains might be large enough to raise life expectancy at birth by almost three years on average for OECD countries, while a 10% increase in total health spending would increase life expectancy by three to four months.
    DOI: 10.1787/240858500130
    URL: Volltext
    URL: lizenzpflichtig
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    MPI Ethno. Forsch.
  • 6
    Online Resource
    Online Resource
    Strategies for Countries with Favourable Fiscal Positions (2008)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 35 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.655
    Keywords: Economics
    Abstract: The financial crisis and economic downturn are going to weigh on fiscal positions in OECD countries over the short to medium-term, both through the operation of automatic stabilisers and the enactment of discretionary fiscal stimulus packages. However, the strategic policy options facing OECD countries are mainly determined by the soundness of their underlying fiscal positions which vary substantially. This paper first describes how OECD economies are situated with respect to underlying fiscal balances and net government debt. A number of countries seem to enjoy favourable fiscal positions with underlying fiscal surpluses, low government debt or even positive net financial asset positions. When taking account, as far as possible, of implicit liabilities associated with ageing populations and resource-based revenues, fiscal positions still vary greatly across countries. The paper then examines the criteria involved in deciding whether government financial asset accumulation is in excess of needs and the use to which any excess government saving might be put, whether increasing public spending or reducing taxes. Finally, the determinants of the optimal size of the government balance sheet for any given desired net debt position are discussed.
    DOI: 10.1787/230123832406
    URL: Volltext
    URL: lizenzpflichtig
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    MPI Ethno. Forsch.
  • 7
    Online Resource
    Online Resource
    Monetary Policy, Market Excesses and Financial Turmoil (2008)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 17 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.597
    Keywords: Economics
    Abstract: This paper addresses the question of whether and how monetary policy ease may lead to excesses in financial and real asset markets and ultimately result in financial dislocation. It presents evidence suggesting that periods when short-term interest rates have been persistently and significantly below what Taylor rules would prescribe are correlated with increases in asset prices, especially as regards housing, though no systematic effects are identified on equity markets. Significant asset price increases, however, can also occur when interest rates are in line with Taylor rules, associated with periods of financial deregulation and/or innovation. The paper argues that accommodating monetary policy over the period 2002-2005, in combination with rapid financial market innovation, would seem in retrospect to have been among the factors behind the run-up in asset prices and consequent financial imbalances -- the (partial) unwinding of which helped trigger the 2007 financial market turmoil. Moreover, the paper points out that in certain situations policy rates may be a rather blunt tool for dealing with both the build-up and aftermath of financial imbalances, raising the question whether “macro-prudential” regulation could be useful.
    DOI: 10.1787/244200148201
    URL: Volltext
    URL: lizenzpflichtig
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    MPI Ethno. Forsch.
  • 8
    Online Resource
    Online Resource
    Revenue Buoyancy and its Fiscal Policy Implications (2008)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 17 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.598
    Keywords: Economics
    Abstract: Tax receipts surged between 2005 and 2007 in many OECD countries, resulting in significant improvements in headline fiscal positions. As a consequence, pressures for tax cuts and for public spending increases have emerged. In the past, responding to such demands has permanently weakened budget positions as revenue windfalls ultimately proved to be temporary. Hence, the opportunity to address structural deficit problems and prepare for future demographic trends has been lost, and the ability to respond to subsequent cyclical downturns has been weakened. This paper provides an analysis of the factors behind recent revenue buoyancy and examines past responses to unexpected revenue gains. It also discusses whether improved information on fiscal positions and future fiscal challenges, combined with relevant fiscal rules, might help in avoiding a repetition of past errors in fiscal policy.
    DOI: 10.1787/244135385705
    URL: Volltext
    URL: lizenzpflichtig
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    MPI Ethno. Forsch.
  • 9
    Online Resource
    Online Resource
    What Promotes Fiscal Consolidation : OECD Country Experiences (2007)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 38 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.553
    Keywords: Economics
    Abstract: Fiscal consolidation is required in most OECD countries. This is especially so in view of mediumand long-term spending pressures on public finances, related, inter alia, to ageing. Based on a dataset covering a large number of OECD fiscal consolidation episodes starting in the late 1970s, the paper presents evidence, both descriptive and econometric, on macroeconomic conditions and policy set-ups that have been effective in triggering and sustaining fiscal consolidation. Main findings include: Large initial deficits and high interest rates have been important in prompting fiscal adjustment and also in boosting the overall size and duration of consolidation. Concerning the quality of fiscal policies, an emphasis on cutting current expenditures has been associated with overall larger consolidation. Fiscal rules with embedded expenditure targets tended to be associated with larger and longer adjustments, pointing to institutional features playing a potentially important role in generating successful consolation efforts. Experience across countries also shows that certain design features such as transparency, flexibility to face shocks and effective enforcement mechanisms seem important for the effectiveness of fiscal rules.
    DOI: 10.1787/180833424370
    URL: Volltext
    URL: lizenzpflichtig
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    MPI Ethno. Forsch.
  • 10
    Online Resource
    Online Resource
    Why has Core Inflation Remained so Muted in the Face of the Oil Shock? (2007)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 35 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.551
    Keywords: Economics
    Abstract: To help policymakers form a judgment on inflation risks and the required monetary policy stance the OECD has developed an analytical framework based on a set of 'eclectic' Phillips curves estimated for the two largest OECD economies, the United States and the euro area, which is presented in this paper. This framework is used in the preparation of the Economic Outlook to explain recent developments in core inflation, excluding food and energy, based on developments in measures of economic slack (the output gap), spill-over effects from energy prices onto core inflation and lagged responses to past inflation via expectations formation. The fact that the knock-on effects from energy shocks onto core inflation appear small in comparison with the 1970s can be explained by the secular fall in energy intensity, a low and stable rate of 'mean inflation' -- to which observed inflation reverts after a shock has worked its way through -- and persistent slack in the aftermath of the bursting of the dotcom bubble.
    DOI: 10.1787/206408110285
    URL: Volltext
    URL: lizenzpflichtig
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    MPI Ethno. Forsch.
  • 11
    Online Resource
    Online Resource
    The Political Economy of Delaying Fiscal Consolidation (2007)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 28 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.548
    Keywords: Economics
    Abstract: Over the next decades, many OECD countries are anticipating large increases in public spending as a result of population ageing and other long-term structural trends. The need to put public finances on a sustainable footing is widely recognised, but progress has been uneven and slow. Some policy makers may feel that action can be deferred for a few years at little cost because of the long-term nature of the problem. This paper questions this perception by proposing a model of the political costs of consolidating public finances. The main finding is that even a short delay increases political cost of consolidation quite markedly when ultimately policy makers are facing a deadline by which sustainability must be restored. The conclusion is very robust to changes in assumptions and specification. A variant of the model shows that with an infinite horizon the incentive to consolidate is weaker, which highlights the importance of setting a deadline. This paper relates to the 2007 Economic Survey of the Euro area (www.oecd.org/eco/surveys/euroarea).
    DOI: 10.1787/240788215175
    URL: Volltext
    URL: lizenzpflichtig
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    MPI Ethno. Forsch.
  • 12
    Online Resource
    Online Resource
    Corporate Net Lending : A Review of Recent Trends (2007)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 45 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.583
    Keywords: Economics
    Abstract: Since 2001, OECD corporate net lending has risen sharply. This paper examines the main forces at play behind this run-up and provides some insight into whether and how they might possibly unwind in the future, a process that may already be underway. It shows in particular that, the increase is partly temporary with some of it likely to fade with the cycle and the ongoing adjustments in the financial and housing sectors. On the other hand, part of the increase reflects structural changes in corporate behaviour and in their environment and is likely to persist. The paper also points to cross-country differences reflecting, for example, the role of competiveness in Japan and continental Europe, and of the financial sector in the United Kingdom.
    DOI: 10.1787/044308023722
    URL: Volltext
    URL: lizenzpflichtig
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    MPI Ethno. Forsch.
  • 13
    Online Resource
    Online Resource
    Recent House Price Developments : The Role of Fundamentals (2006)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 61 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.475
    Keywords: Economics
    Abstract: In the vast majority of OECD economies, house prices in real terms have been moving up strongly since the mid-1990s. Because of the important role housing wealth has been playing during the current upswing, this paper will look more closely at what is underlying these developments for 18 OECD countries over the period from 1970 to the present, with a view to shedding some light on whether or not prices are in line with fundamentals. The paper begins by putting the most recent housing price run-ups in the context of the experiences of the past 35 years. It then examines current valuations against a range of benchmarks. It concludes with a review of the links between a possible correction of housing prices and real activity. The main highlights from this analysis are as follows: 1) The size and duration of the current real house price increases; the degree to which they have tended to move together across countries; and the extent to which they have disconnected from the business cycle are unprecedented. 2) Overvaluation of real house prices may only apply to a relatively small number of countries. However, the extent to which these prices look to be fairly valued depends largely on longer-term interest rates remaining at or close to their current low levels. 3) If house prices were to adjust downward, the historical record suggests that the drops might be large and that the process could be protracted, given the observed stickiness of nominal house prices and the current low rates of inflation.
    DOI: 10.1787/864035447847
    URL: Volltext
    URL: lizenzpflichtig
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    MPI Ethno. Forsch.
  • 14
    Online Resource
    Online Resource
    Restoring Fiscal Sustainability in the Euro Area : Raise Taxes or Curb Spending? (2006)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 40 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.520
    Keywords: Economics ; Euro Area
    Abstract: With population ageing, fiscal consolidation has become of paramount importance for euro area countries. Consolidation can be pursued in various ways, with different effects on potential growth, which itself will be dragged down by ageing. A dynamic general equilibrium model with overlapping generations and a public finance block (including a pay-as-you-go pension regime, a health care system, non ageingrelated public spending and a stock of debt to be repaid) is used to compare the macroeconomic impact of four scenarios: a) increasing taxes to finance unchanged pensions and repay public debt, b) lowering future pension replacement rates and repaying public debt through a lower ratio of non ageing-related outlays to GDP, c) raising the retirement age by 1.25 years per decade and increasing taxes only to pay off debt, and d) increasing the retirement age by 1.25 years per decade and paying off debt through a lower ratio of non ageing-related expenditure to GDP. This last scenario is the one where growth is strongest: with gradual increases in the retirement age and spending restraint, average GDP growth in the 2010s would be 0.34 percentage point stronger than in a scenario where fiscal consolidation is achieved exclusively through tax hikes. The appropriate conclusion from the model is not that public spending is bad per se, but that cuts to lower-priority spending items can deliver surprisingly large income gains compared with the alternative of raising taxes.
    DOI: 10.1787/414711615127
    URL: Volltext
    URL: lizenzpflichtig
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    MPI Ethno. Forsch.
  • 15
    Online Resource
    Online Resource
    Short-Term Pain for Long-Term Gain : The Impact of Structural Reform on Fiscal of Outcomes in EMU (2006)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 18 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.522
    Keywords: Economics ; Euro Area
    Abstract: The 2005 reform of the EU Stability and Growth Pact has provided leeway for governments to let their fiscal deficit temporarily breach the 3% rule to finance the immediate budgetary cost of structural reform, such as compensation schemes to offset redistributive effects. Against this backdrop, it is useful to dispose of empirical estimates of the effect of structural reform on fiscal outcomes, not only the short term cost but also the long-run fiscal gain stemming from changes in spending parameters and better economic performance. Based on econometric estimates for a pool of 21 OECD countries, this study finds a significant net fiscal gain of structural reform.
    DOI: 10.1787/412188318674
    URL: Volltext
    URL: lizenzpflichtig
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    MPI Ethno. Forsch.
  • 16
    Online Resource
    Online Resource
    Has the Rise in Debt Made Households More Vulnerable? (2006)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 40 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.535
    Keywords: Schulden ; Privater Haushalt ; OECD-Staaten ; Economics
    Abstract: This paper reviews, for a number of OECD economies, macroeconomic developments in household balance sheets over the past two decades. The main findings show that the rise in household debt to historical levels has been driven by a combination of favourable financial conditions and buoyant housing markets. There have also been a number of supply-side innovations in credit markets that have eased the access to credit for lower income borrowers and reduced financial constraints for first-time homebuyers. Total household net wealth has risen and provided households with a financial cushion against a negative shock. That said, households in a number of countries have leveraged balance sheets and the sensitivity to house price and interest rate developments has likely increased. The paper then examines micro level information which suggests that most of the debt is held by households better able to manage it. In particular, the major part of debt is held by higher-income households, who also spend a smaller proportion of their disposable income servicing debts. Lower-income households, with less ability to service debt, do not hold that much and, as such, the spill over effects from this group to the rest of the economy are perhaps not large. Whether the situation remains benign or not is discussed in the final section of the paper. Estimates presented point to significant effects of changes in net wealth on household saving rates in a large number of the countries studied.
    DOI: 10.1787/352035704305
    URL: Volltext
    URL: lizenzpflichtig
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    MPI Ethno. Forsch.
  • 17
    Online Resource
    Online Resource
    Removing Obstacles to Employment for Women in Ireland (2006)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 20 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.511
    Keywords: Economics ; Ireland
    Abstract: Women have contributed a great deal to Ireland's economic growth, including by joining the labour force in large numbers. The rise in female participation since 1990 has been amongst the strongest in the OECD, but from a low base. Female participation rates remain below the OECD average for all except the under-thirties. Cultural attitudes and low educational attainment among older women are factors, but policy settings play a role as well. Support to families is not targeted at working parents, implying that the return to work is low for many mothers. Working parents of school-age children also face difficulties in reconciling employment and work because out-of-school care is insufficiently developed. The tax system should be further improved to support second earners, most of whom are women, so as to strengthen their incentive to enter the labour market and reduce the bias in favour of the home production of services such as childcare. This paper reviews these issues and offers recommendations to continue to create a more favourable environment for women who want to enter the labour market.
    DOI: 10.1787/431167074033
    URL: Volltext
    URL: lizenzpflichtig
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    MPI Ethno. Forsch.
  • 18
    Online Resource
    Online Resource
    The Contribution of Housing Markets to Cyclical Resilience (2005)
    Paris : OECD Publishing
    In:  OECD journal: economic studies Vol. 2004, no. 1, p. 125-156
    Details
    ISSN: 1995-2856
    Language: English
    Pages: 44 p
    Parallel Title: Parallelausg. La contribution des marchés du logement à la résilience économique
    Titel der Quelle: OECD journal: economic studies
    Publ. der Quelle: Paris : Organisation for Economic Cooperation & Development, 2008
    Angaben zur Quelle: Vol. 2004, no. 1, p. 125-156
    Keywords: Economics
    Abstract: This paper examines the linkages between housing markets and the business cycle in OECD countries, focusing on how differences in the degree of resilience to economic shocks can be affected by the structural characteristics of housing and mortgage markets. The paper focuses specifically on: the transmission channel from housing wealth to consumption and on the factors behind house price variability, which help to determine whether the housing sector plays a stabilising role or not.
    DOI: 10.1787/eco_studies-v2004-art6-en
    URL: Volltext
    URL: lizenzpflichtig
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    MPI Ethno. Forsch.
  • 19
    Online Resource
    Online Resource
    Measuring Cyclically-adjusted Budget Balances for OECD Countries (2005)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 43 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.434
    Keywords: Economics
    Abstract: Measuring cyclically-adjusted budget balances for OECD countries An important tool in the analysis of fiscal policy is the distinction between structural and cyclical components of the budget balance. This paper describes work undertaken to re-estimate and re-specify the elasticities underlying the Economics Department's calculations of cyclically-adjusted budget balances. Account is taken of tax reforms introduced since the previous updating exercise. A number of methodological innovations have been introduced to better account for the lags between taxes and activity and to ensure greater cross-country consistency in the estimates. The methodology underlying cyclical adjustment of expenditures has also been reviewed. Finally, the country coverage has been extended. The overall results are broadly consistent with the previous set of estimates. The sensitivity of government net lending to a 1 percentage point change in the output gap remains at around 0.5% of GDP for OECD economies on average.
    DOI: 10.1787/787626008442
    URL: Volltext
    URL: lizenzpflichtig
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    MPI Ethno. Forsch.
  • 20
    Online Resource
    Online Resource
    House Prices and Inflation in the Euro Area (2005)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 20 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.450
    Keywords: Economics ; Euro Area
    Abstract: The inflation measure used by the European Central Bank excludes housing costs that are borne by home owners even though they make up more than a tenth of household final consumption expenditure in the euro area. Has the exclusion of owner-occupied housing costs driven a wedge between the official harmonised index of consumer prices (HICP) and the cost of living? To answer this question, a measure of the user cost of housing capital has been constructed for every euro area country (except Luxembourg). User costs are measured taking into account property taxes but net of tax breaks that home owners enjoy on mortgage repayments. The user cost measure is combined with the HICP to derive a “broad” inflation estimate. For the sake of comparison, an alternative estimate has been put together using imputed rents. The main conclusion is that owner-occupied housing costs have an impact. Another important conclusion is that the effect of owner-occupied housing costs on inflation varies noticeably with the method used to incorporate them into the price index. The paper finally discusses the choice of the method from the point of view of economic policy makers. "This Working Paper relates to the 2005 OECD Economic Survey of Euro Area (www.oecd.org/eco/surveys/Euroarea)"
    DOI: 10.1787/037842735074
    URL: Volltext
    URL: lizenzpflichtig
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    MPI Ethno. Forsch.
  • 21
    Online Resource
    Online Resource
    Sources of Inflation Persistence in the Euro Area (2005)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 32 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.435
    Keywords: Economics ; Euro Area
    Abstract: In recent years, inflation in the euro area has failed to decelerate decisively while cyclical slack built up in the economy. Is this phenomenon more than a peculiarity in recent data? Is it related to structural policy settings? Econometric analysis conducted on two decades of quarterly data covering 17 countries yields a yes on both counts. First, inflation is shown to respond significantly more weakly to cyclical slack in the euro area than in countries such as the United Kingdom, the United States or Canada. Secondly, this lack of responsiveness is found to be related in a statistically significant way to more rigid structural policy settings. The results pass a wide range of robustness checks. This Working Paper relates to the 2005 OECD Economic Survey of the euro area (www.oecd.org/eco/surveys/euroarea).
    DOI: 10.1787/854075872581
    URL: Volltext
    URL: lizenzpflichtig
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    MPI Ethno. Forsch.
  • 22
    Online Resource
    Online Resource
    La contribution des marchés du logement à la résilience économique (2005)
    Paris : OECD Publishing
    In:  Revue économique de l'OCDE Vol. 2004, no. 1, p. 139-173
    Details
    ISSN: 1684-3444
    Language: French
    Pages: 48 p
    Parallel Title: Parallelausg. The Contribution of Housing Markets to Cyclical Resilience
    Titel der Quelle: Revue économique de l'OCDE
    Publ. der Quelle: Paris : OCDE, 1998
    Angaben zur Quelle: Vol. 2004, no. 1, p. 139-173
    Keywords: Economics
    Abstract: Les pays de l’OCDE ont témoigné de degrés variables de résilience économique au cours de la récente récession conjoncturelle, certains ayant négocié et surmonté mieux que d’autres une série de chocs communs. Dans une certaine mesure, les différences de résilience économique semblent liées à la performance des marchés du logement. En particulier, le dynamisme des prix immobiliers dans certains pays parait avoir dopé la consommation privée et la construction résidentielle et, par là même, contribué à compenser les faiblesses existantes dans d’autres secteurs. On constate que le cadre institutionnel des marchés du logement et des marchés hypothécaires détermine dans une large mesure non seulement l’efficience économique d’ensemble et les revenus réels, mais aussi la propagation des chocs et...
    DOI: 10.1787/eco_studies-v2004-art6-fr
    URL: Volltext
    URL: lizenzpflichtig
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    MPI Ethno. Forsch.
Close ⊗
This website uses cookies and the analysis tool Matomo. More information can be found here...