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  • Price, Robert  (29)
  • Scarpetta, Stefano  (27)
  • Paris : OECD Publishing  (56)
  • Economics  (56)
  • 1
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    The G7 Primary Health Care Universal Knowledge Initiative : A welcome step for patient-centred health care (2019)
    Paris : OECD Publishing
    In:  OECD Observer
    Details
    Language: English
    Pages: 1 Online-Ressource (2 p.)
    Titel der Quelle: OECD Observer
    Keywords: Social Issues/Migration/Health ; Economics
    DOI: 10.1787/06a3d092-en
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  • 2
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    The PaRIS initiative: Helping healthcare policies to do better for patients (2018)
    Paris : OECD Publishing
    In:  OECD Observer
    Details
    Language: English
    Pages: 1 Online-Ressource (3 p.)
    Titel der Quelle: OECD Observer
    Keywords: Social Issues/Migration/Health ; Economics
    DOI: 10.1787/51134dc8-en
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  • 3
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    We need to address the migration backlash (2017)
    Paris : OECD Publishing
    In:  OECD Observer
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    Language: English
    Pages: 1 Online-Ressource (3 p.)
    Titel der Quelle: OECD Observer
    Keywords: Social Issues/Migration/Health ; Economics
    DOI: 10.1787/6ffcb67d-en
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  • 4
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    Europe will win from integration (2016)
    Paris : OECD Publishing
    In:  OECD Observer
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    Language: English
    Pages: 1 Online-Ressource (5 p.)
    Titel der Quelle: OECD Observer
    Keywords: Social Issues/Migration/Health ; Economics
    DOI: 10.1787/a9b42f19-en
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  • 5
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    What future for work? (2016)
    Paris : OECD Publishing
    In:  OECD Observer
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    Language: English
    Pages: 1 Online-Ressource (4 p.)
    Titel der Quelle: OECD Observer
    Keywords: Employment ; Economics
    DOI: 10.1787/e0e110b2-en
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  • 6
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    New Tax and Expenditure Elasticity Estimates for EU Budget Surveillance (2014)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: Online-Ressource (52 p.)
    Series Statement: OECD Economics Department Working Papers no.1174
    Keywords: Taxation ; Economics
    Abstract: This paper estimates the elasticities of government revenue and expenditure items with respect to the output gap for European Union (EU) countries. These elasticities are used by the European Commission, as part of the EU fiscal surveillance process, to calculate the semi-elasticity of the budget balance as a percentage of GDP with respect to the output gap. The study updates the earlier 2005 study of OECD economies using the most recent datasets and tax codes, the coverage being confined in this paper to the 28 EU member states, seven of which are not OECD members. The same basic two-step methodology is retained: revenue and expenditure elasticities with respect to the output gap being defined as the product of, first, the elasticities of individual revenue and expenditure items with respect to their bases and, second, the elasticities of these bases with respect to the output gap. A number of refinements and methodological improvements are made relative to the 2005 study. The revisions to individual elasticities relative to the 2005 vintage are significant in a number of cases but do not follow a clear pattern across countries, except for the elasticities of corporate income tax revenue which are revised up in most cases.
    DOI: 10.1787/5jxrh8f24hf2-en
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  • 7
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    The Political Economy of Fiscal Consolidation (2010)
    Paris : OECD Publishing
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    Language: English
    Pages: 44 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.776
    Keywords: Economics
    Abstract: This paper explores the political economy of fiscal adjustment. It begins with an examination of the evidence for, and sources of, ‘deficit bias’, including political and governance factors, public attitudes, the role of financial markets and imprecision about which debt targets should be pursued. It then examines the evidence regarding the exogenous and policy-related factors which affect the success of fiscal consolidation efforts. This is followed by a discussion of the role of fiscal institutions, including fiscal rules and autonomous agencies. The final section considers how the political economy of fiscal policy has changed with the financial crisis, giving some indications as to what may be needed to re-establish a consolidation path and make it less prone to setbacks.
    DOI: 10.1787/5kmddq798lls-en
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  • 8
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    Improving public spending efficiency in primary and secondary education (2009)
    Paris : OECD Publishing
    In:  OECD journal: economic studies Vol. 2009, no. 1, p. 1-30
    Details
    ISSN: 1995-2856
    Language: English
    Pages: 30 p
    Titel der Quelle: OECD journal: economic studies
    Publ. der Quelle: Paris : Organisation for Economic Cooperation & Development, 2008
    Angaben zur Quelle: Vol. 2009, no. 1, p. 1-30
    Keywords: Economics
    Abstract: Influenced by the perceived link between higher levels of educational attainment and growth, the education sector has seen significant reform efforts in recent years in a number of countries. Public spending in this sector has increased on average by one-fifth in real terms over the past decade and growth in terms of spending per student has also been marked in many countries (Figure 1, upper panel); governments in the OECD area now spend on average around 3% of GDP on primary and secondary education. However, a close correspondence between the level of resources and educational outcomes is difficult to demonstrate empirically: cross-sectional evidence reveals only a weak correlation between national spending per student or teaching resources and mean pupil performance in standardised tests (Figure 1, lower panels). Extra resources devoted to education do not automatically lead to commensurate improvements in outcomes.
    DOI: 10.1787/eco_studies-v2009-art4-en
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  • 9
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    Have Long-term Financial Trends Changed the Transmission of Monetary Policy? (2008)
    Paris : OECD Publishing
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    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
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  • 10
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    Accounting for One-off Operations when Assessing Underlying Fiscal Positions (2008)
    Paris : OECD Publishing
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    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
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  • 11
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    Monetary Policy, Market Excesses and Financial Turmoil (2008)
    Paris : OECD Publishing
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    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
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  • 12
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    Strategies for Countries with Favourable Fiscal Positions (2008)
    Paris : OECD Publishing
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    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
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  • 13
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    Linkages Between Performance and Institutions in the Primary and Secondary Education Sector (2007)
    Paris : OECD Publishing
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    Language: English
    Pages: 47 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.558
    Keywords: Economics
    Abstract: The efficiency of schools diverges dramatically across countries in the OECD and can also vary markedly within countries. These differences in levels of efficiency can be traced to policy and institutional settings. As such, moving to best practice could boost educational attainment and reduce pressure on budgetary resources. This paper assesses empirically the relationship between institutional and policy settings and the efficiency of public spending on primary and secondary education across OECD countries. The analysis builds on two previous papers, which respectively developed OECD-area indicators of educational efficiency based on PISA score data and institutional indicators based on questionnaire responses. The results identify a number of institutional and policy settings that appear conducive to raising efficiency, as well as policies that appear to be detrimental to achieving higher levels of efficiency.
    DOI: 10.1787/170826717775
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  • 14
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    Public Spending Efficiency : Institutional Indicators in Primary and Secondary Education (2007)
    Paris : OECD Publishing
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    Language: English
    Pages: 51 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.543
    Keywords: Economics
    Abstract: This paper presents composite indicators of the institutional and policy characteristics of educational systems, collated from the questionnaire responses of 26 Member countries. These indicators provide an overview of the institutional framework in the primary and secondary education sector and are constructed so as to be used for the analysis of international differences in spending efficiency. The key features of the institutional setting in the non-tertiary education sector are grouped under three headings: i) the ability to prioritise and allocate resources efficiently (through decentralisation and mechanisms matching resources to specific needs); ii) the efficiency in managing spending at the local level (through outcome-focused policies and managerial autonomy), and iii) the efficiency in service provision (through benchmarking and user choice). For each country, an intermediate indicator is computed for each of these six institutional properties. Composite indicators then combine the six intermediate indicators of spending efficiency into a single, aggregate measure. Results are presented and some of their implications are discussed. Overall, the characteristics of the institutional framework in the non-tertiary public education sector seem to be very favourable, compared to OECD average, in the United Kingdom, Australia, Norway, Denmark and the Netherlands, whereas results are less favourable for the Czech Republic, Greece, Luxembourg, Japan, Turkey, Hungary, Belgium (French speaking community), Switzerland and Austria.
    DOI: 10.1787/315010655867
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  • 15
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    Performance Indicators for Public Spending Efficiency in Primary and Secondary Education (2007)
    Paris : OECD Publishing
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    Language: English
    Pages: 67 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.546
    Keywords: Economics
    Abstract: This paper assesses the potential to raise public spending efficiency in the primary and secondary education sector. Resource availability per pupil has increased significantly over the past decade in a number of countries; often in attempting to exploit the link between educational attainment and growth. However, available evidence reveals only a weak correlation between increased resource availability and pupil performance. In order to draw cross-country comparisons...
    DOI: 10.1787/285006168603
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  • 16
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    Solow or Lucas?: Testing Growth Models Using Panel Data from OECD Countries (2007)
    Paris : OECD Publishing
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    Language: English
    Pages: 28 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.592
    Keywords: Economics
    Abstract: In this paper, we test whether the growth experience of a sample of OECD countries over the past three decades is more consistent with the human-capital augmented Solow model of exogenous growth, or with an endogenous growth model à la Uzawa-Lucas with constant returns to scale to “broad” (human and physical) capital. We exploit the different non-linear restrictions implied by these two models to discriminate between them. Using pooled crosscountry time-series data, we specify our growth regression by imposing cross-country homogeneity restrictions only on long-run coefficients, while letting the speed of convergence and short term dynamics to vary across countries. While there are indeed good reasons to believe in common long-run coefficients, given that OECD countries have access to common technologies and have intensive intra-industry trade and foreign direct investment, the theoretical models imply that the speed of convergence to the steady state differs across countries because of cross-country heterogeneity in population growth, technical change and progressiveness of the income tax. Therefore, standard dynamic fixed effect specifications, by imposing cross-country homogeneity restrictions on speed of convergence and short-run parameters, suffer from a heterogeneity bias and are not suited to implement our tests. The results suggest a strong effect of human capital accumulation: the estimated long-run effect on output of one additional year of education (about 6-9%) is also within the range of the estimates obtained in microeconomic analyses of the private returns to schooling. Our estimated speed of convergence is too fast to be compatible with the augmented Solow model, while is consistent with the Uzawa-Lucas model with constant returns to scale. This main finding is robust to several robustness tests.
    DOI: 10.1787/028487061153
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  • 17
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    Interactions Between Monetary and Fiscal Policy : How Monetary Conditions Affect Fiscal Consolidation (2006)
    Paris : OECD Publishing
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    Language: English
    Pages: 45 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.521
    Keywords: Economics
    Abstract: This paper assesses how and in what circumstances, fiscal consolidations are affected by monetary conditions, using data covering 24 OECD countries over the past 25 years, Focusing on fiscal consolidation “episodes”, it is found that these tend to occur when large budget deficits threaten sustainability and usually when other macroeconomic indicators -- inflation, the exchange rate and unemployment -- suggest a “crisis” situation. After controlling for these factors, the paper finds strong econometric evidence that consolidation efforts are more likely to be pursued and to succeed if the monetary policy stance is eased in the initial stages of the episode, thus contributing to offsetting the contractionary impact of fiscal tightening. However, the link is far from mechanical and there are also counter-examples where monetary easing was followed by aborted consolidation efforts. Central bank independence explicitly precludes direct responses of monetary policy to fiscal actions. However, the paper also provides evidence that the indirect reaction of monetary policy and financial markets to fiscal consolidation may be influenced by the quality of fiscal adjustment, as short and long-term interest rates are more likely to fall during episodes characterised by greater reliance on current expenditure cuts. While this means that causality runs both ways, the paper provides evidence that, even after controlling for this proxy of fiscal adjustment quality, changes in monetary stance do affect the chances that a fiscal retrenchment plan will be successfully pursued.
    DOI: 10.1787/414663503428
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  • 18
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    Factors Behind Low Long-Term Interest Rates (2006)
    Paris : OECD Publishing
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    Language: English
    Pages: 47 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.490
    Keywords: Economics
    Abstract: Long-term bond yields have been low in recent years both in nominal and real terms, and . especially in the United States - they have reacted differently to shifts in monetary and fiscal stances relative to previous cycles. This article examines various possible explanations for this behaviour, such as the effects of changes in monetary policy frameworks on inflation and interest rate expectations; developments in ex ante saving-investment balances, and shifts in investors. portfolio preferences (including official reserve accumulation, .petro-dollar. recycling and pension fund demand for longer maturities). The paper finds that it is unlikely that any individual explanation can account for the level and profile of bond yields in recent years, but that an important element has been a compression in term premia, together with shifts in expected short rates. Even though bond yields have started to rise in the early part of 2006, they are unlikely to go back to the levels that prevailed in the 1980s or the early 1990s, as several of the factors that drove them lower are set to persist.
    DOI: 10.1787/761527811285
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  • 19
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    Les règles budgétaires s'appliquant aux collectivités territoriales (2006)
    Paris : OECD Publishing
    In:  Revue économique de l'OCDE Vol. 2005, no. 2, p. 153-197
    Details
    ISSN: 1684-3444
    Language: French
    Pages: 56 p
    Parallel Title: Parallelausg. Sub-central government fiscal rules
    Titel der Quelle: Revue économique de l'OCDE
    Publ. der Quelle: Paris : OCDE, 1998
    Angaben zur Quelle: Vol. 2005, no. 2, p. 153-197
    Keywords: Economics
    Abstract: Les règles qui limitent les pouvoirs discrétionnaires des responsables des politiques budgétaires sont aujourd’hui courantes dans les économies de l’OCDE, et le rôle croissant que jouent les institutions décentralisées dans l’offre des services publics a entraîné leur généralisation à l’échelon territorial. Des règles bien conçues permettent de tirer des gains d’efficience de l’autonomie locale tout en facilitant l’assainissement budgétaire, en amortissant les chocs économiques et en répondant aux objectifs de viabilité à long terme des finances publiques, tâches d’autant plus urgentes que, selon les prévisions, les services rendus par les collectivités territoriales seront de plus en plus sollicités du fait du vieillissement de la population.
    DOI: 10.1787/eco_studies-v2005-art6-fr
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  • 20
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    Sub-central government fiscal rules (2006)
    Paris : OECD Publishing
    In:  OECD journal: economic studies Vol. 2005, no. 2, p. 141-181
    Details
    ISSN: 1995-2856
    Language: English
    Pages: 51 p
    Parallel Title: Parallelausg. Les règles budgétaires s'appliquant aux collectivités territoriales
    Titel der Quelle: OECD journal: economic studies
    Publ. der Quelle: Paris : Organisation for Economic Cooperation & Development, 2008
    Angaben zur Quelle: Vol. 2005, no. 2, p. 141-181
    Keywords: Economics
    Abstract: Rules constraining the discretionary powers of budget policymakers have become widespread among OECD economies, and the expanding role played by decentralised institutions in providing public services has led to their increasing adoption at the sub-central level.
    DOI: 10.1787/eco_studies-v2005-art13-en
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  • 21
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    Fiscal Rules for Sub-central Governments : Design and Impact (2005)
    Paris : OECD Publishing
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    Language: English
    Pages: 77 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.465
    Keywords: Economics
    Abstract: Against a background of mounting demands for spending on services provided by sub-central governments, this paper examines how fiscal rules can help to ensure that pressure on resources is minimised and available resources are used efficiently. Drawing on questionnaire responses and other sources, this paper gives a detailed picture of fiscal rules for sub-central governments in place among a number of OECD countries. The paper examines the rationales for using fiscal rules, the various impacts fiscal rules can have, the factors making for effective implementation and the interactions between the various types of rule. It then constructs a number of synthetic sub-indicators designed to assess the extent to which sub-central government fiscal frameworks exhibit favourable characteristics for the achievement of fiscal objectives. It concludes with the construction of a composite indicator based on the combined impacts in the different areas of fiscal policy.
    DOI: 10.1787/606015633336
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  • 22
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    Product Market Reforms and Employment in OECD Countries (2005)
    Paris : OECD Publishing
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    Language: English
    Pages: 50 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.472
    Keywords: Economics
    Abstract: We estimate the employment effects of product market reforms aimed at increasing competitive pressures and easing government controls in a sample of OECD countries over the past two decades. We control for several labour market policies and institutions that are thought to influence equilibrium employment rates, and check whether there are interactions between these policies and product market reforms. We find cross-country evidence that some labour and product market policies may be complementary and adjust for this in regressions. Consistent with the implications of the imperfect competition/bargaining model of Blanchard and Giavazzi (2003), our estimates suggest that restrictive regulations have curbed employment rates significantly in countries where no product market reforms were implemented. These effects appear to have been magnified by the interaction of such regulations with labour market settings that provide a strong bargaining power to insiders, suggesting that rent sharing tends to depress employment. The implication is that significant employment gains can be obtained by deregulating product markets in overly regulated countries. Moreover, these employment gains are likely to be higher in countries that have rigid labour markets.
    DOI: 10.1787/463767160680
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  • 23
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    Regulation and Economic Performance : Product Market Reforms and Productivity in the OECD (2005)
    Paris : OECD Publishing
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    Language: English
    Pages: 41 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.460
    Keywords: Economics
    Abstract: This paper assesses the implications of past and ongoing reforms in OECD product markets for the labour productivity gap, a key component of cross-country differences in GDP per capita. After a brief review of the theoretical literature, we bring together the results obtained in some of our empirical work over the past few years, discussing econometric approaches and their drawbacks. We then use these results to gauge the likely effect of further reforms. We distinguish effects on capital deepening and technical progress by examining the impact of regulations on investment (domestic and foreign) and multi-factor productivity. We focus on the effects of policies aimed at strengthening private governance (e.g. through privatization) and opening up access to markets where competition is economically viable. The results suggest that pro-competitive reforms tend to increase both investment and multifactor productivity and, through both these channels, they can lead to higher growth in GDP per capita.
    DOI: 10.1787/726517007575
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  • 24
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    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
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  • 25
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    Améliorer le rapport coût-efficacité des dépenses publiques : L'expérience des pays de l'OCDE (2005)
    Paris : OECD Publishing
    In:  Revue économique de l'OCDE Vol. 2003, no. 2, p. 125-184
    Details
    ISSN: 1684-3444
    Language: French
    Pages: 70 p
    Parallel Title: Parallelausg. Enhancing the Cost Effectiveness of Public Spending: Experience in OECD Countries
    Titel der Quelle: Revue économique de l'OCDE
    Publ. der Quelle: Paris : OCDE, 1998
    Angaben zur Quelle: Vol. 2003, no. 2, p. 125-184
    Keywords: Economics
    Abstract: Les dépenses publiques en proportion du PIB ont augmenté régulièrement dans la zone OCDE jusqu’au milieu des années 90, mais cette tendance s’est atténuée depuis. L’augmentation des dépenses résultant du développement continu des programmes sociaux a été en partie compensée par des facteurs temporaires ou ponctuels. Cependant, il est probable que les pressions sur les dépenses publiques vont s’intensifier, notamment sous l’effet du vieillissement des populations. Bien que les dépenses publiques aient un rôle à jouer dans la poursuite des grands objectifs...
    DOI: 10.1787/eco_studies-v2003-art10-fr
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  • 26
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    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
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  • 27
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    Oil Price Developments : Drivers, Economic Consequences and Policy Responses (2004)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 52 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.412
    Keywords: Economics
    Abstract: This paper analyses the factors influencing the price of oil and its likely evolution over the next quarter century. It begins by investigating the fundamental forces shaping long-term oil price developments, highlighting the importance of growth-led demand for oil, particularly that emanating from fast-growing, energy-intensive developing countries, and the implications of increasingly geographically concentrated oil reserves. The paper presents oil price projections to 2030 and examines the sensitivity of the projections to the assumptions about growth and non-OPEC supply. While certain combinations of factors could lead to a significantly higher oil price, the projections also suggest that the optimal strategy of resource-rich oil producers would be to prevent it rising too far. The paper then documents short-term influences on the oil price, which peaked at $50 a barrel in 2004, and notes that they have probably led to a significant departure from the long-run equilibrium price ...
    DOI: 10.1787/303505385758
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  • 28
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    Enhancing the Effectiveness of Public Spending : Experience in OECD Countries (2004)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 53 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.380
    Keywords: Economics
    Abstract: In most OECD countries, public spending rose steadily as a share of GDP over the past decades to the mid-1990s, but this trend has since abated. The spending pressures stemming from the continued expansion of social programmes have been partly compensated by transient or one-off factors. Pressures on public spending, however, appear likely to intensify, in particular as a consequence of ageing populations. Since most OECD economies have very little scope for raising taxation or debt to finance higher spending, reforms to curb the growth in public spending while raising its cost effectiveness are now required. This paper presents a reform strategy for progress in this direction, based on detailed country reviews for over twothirds of OECD countries. Three main areas for action are identified: the budget process; management practices and the use of market mechanisms in the delivery of public services ...
    DOI: 10.1787/355505224723
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  • 29
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    Asset Price Cycles, "One-Off" Factors and Structural Budget Balances (2004)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 31 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.391
    Keywords: Economics
    Abstract: This paper analyses two factors which may cause cyclically-adjusted budget balances to give a misleading picture of underlying fiscal trends. It first explores the implications of recent large asset-market related fluctuations in government revenues for the measurement of structural budget balances. And second, it reviews the impact of the increased recourse to stopgap “one-off” measures to control deficits. The results confirm that since the late 1990s revenues have been more buoyant than would have been warranted by the registered rate of nominal output growth and the impact of tax measures. The study suggests that from 1995 to 2000 the average contribution of “unwarranted” revenues to year-to-year changes in cyclically-adjusted budget positions ranged from negligible to around ½ per cent of GDP, the main countries affected being the United States, the United Kingdom, France and some Nordic countries. Conversely, the subsequent decline in tax receipts has been sharper than could ...
    DOI: 10.1787/305051767827
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  • 30
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    Saving Behaviour and the Effectiveness of Fiscal Policy (2004)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 39 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.397
    Keywords: Economics
    Abstract: This paper examines the extent to which fiscal policy actions may be offset by simultaneous, anticipatory changes in private saving, as well as the determinants of that offset. The conditions under which private agents will engage in forward-looking consumption-smoothing behaviour are quite strict and unlikely to hold fully in practice. However, based on a sample of at most 21 OECD countries spanning the period 1970-2002, there is strong evidence of partial, yet substantial, offsetting movements in aggregate private and public saving. The overall offset is estimated at between about one-third and one-half, depending on model specification, and applies both to public consumption and revenue shifts. This is consistent with a marked degree of anticipatory private sector behaviour, insofar as the ex ante saving “leakage” embedded in the pure Keynesian or IS/LM type models would be expected to be smaller and apply only to revenues and transfers. Wealth effects, as in the case of rising equity and housing prices, are found to have an important complementary impact on saving, usually in reinforcing the direct saving offset. Initial conditions, as reflected in debt/GDP ratios are also found to influence the size of the offset.
    DOI: 10.1787/335042602762
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  • 31
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    Housing Markets, Wealth and the Business Cycle (2004)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 47 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.394
    Keywords: Economics
    Abstract: The 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. Estimates of the marginal propensity to consume out of housing wealth are presented for ten OECD countries, where it is found that the strongest impact on consumption is in countries that have large, efficient and responsive mortgage markets. Particularly important in this regard is the degree of mortgage market “completeness” -- i.e. the extent to which the market is able to offer a variety of products and to serve a broad range of potential borrowers -- in particular, the extent to which they provide ...
    DOI: 10.1787/534328100627
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  • 32
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    Enhancing the Cost Effectiveness of Public Spending : Experience in OECD Countries (2004)
    Paris : OECD Publishing
    In:  OECD journal: economic studies Vol. 2003, no. 2, p. 109-161
    Details
    ISSN: 1995-2856
    Language: English
    Pages: 55 p
    Parallel Title: Parallelausg. Améliorer le rapport coût-efficacité des dépenses publiques : L'expérience des pays de l'OCDE
    Titel der Quelle: OECD journal: economic studies
    Publ. der Quelle: Paris : Organisation for Economic Cooperation & Development, 2008
    Angaben zur Quelle: Vol. 2003, no. 2, p. 109-161
    Keywords: Economics
    Abstract: In most OECD countries, public spending rose steadily as a share of GDP over the past decades to the mid-1990s, but this trend has since abated. The spending pressures stemming from the continued expansion of social programmes have been partly compensated by transient or one-off factors. Pressures on public spending, however, appear likely to intensify, in particular as a consequence of ageing populations. Since most OECD economies have very little scope for raising taxation or debt to finance higher spending, reforms to curb the growth in public spending while raising its cost effectiveness are now required. Based on detailed country reviews for over two-thirds of OECD countries, this paper identifies three main areas for action: the budget process; management practices; and the use of market mechanisms in the delivery of public services ...
    DOI: 10.1787/eco_studies-v2003-art10-en
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  • 33
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    Regulation, Productivity and Growth : OECD Evidence (2003)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 66 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.347
    Keywords: Economics
    Abstract: In this paper, we relate the scope and depth of regulatory reforms to growth outcomes in OECD countries. By means of a new set of quantitative indicators of regulation, we show that the cross-country variation of regulatory settings has increased in recent years, despite extensive liberalisation and privatisation in the OECD area. We then look at the regulation-growth linkage using data that cover a large set of manufacturing and service industries over the past two decades. We focus on multifactor productivity (MFP), which plays a crucial role in GDP growth and accounts for a significant share of its cross-country variance. We find evidence that reforms promoting private governance and competition (where these are viable) tend to boost productivity. Both privatisation and entry liberalisation are estimated to have a positive impact on productivity. In manufacturing the gains are greater the further a given country is from the technology leader, suggesting that regulation limiting ...
    DOI: 10.1787/078677503357
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  • 34
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    Comparative Analysis of Firm Demographics and Survival : Micro-Level Evidence for the OECD Countries (2003)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 62 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.348
    Keywords: Economics
    Abstract: This paper presents evidence on firm demographics and firm survival for a group of ten OECD countries. For each country a dataset of sectoral indicators of firm dynamics has been created using information from business registers. The patterns of firm entry, exit, survival and employment growth are described and analysed across countries, sectors, and over time. We find that both sectoral and country effects are important in determining firms demographics. We also find that entry and exit rates are fairly similar across countries, while post entry performance differ markedly between Europe and the US, a potential indication of the importance of barriers to firm growth as opposed to barriers to entry. Further, the paper provides a discussion of how these data may be used to gain a better understanding of the process through which economic policy and institutions may affect aggregate patterns of employment, output, and productivity growth ...
    DOI: 10.1787/010021066480
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  • 35
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    Estimation of the Cyclical Behaviour of Mark-ups : A Technical Note (2003)
    Paris : OECD Publishing
    In:  OECD journal: economic studies Vol. 2002, no. 1, p. 173-188
    Details
    ISSN: 1995-2856
    Language: English
    Pages: 27 p
    Parallel Title: Parallelausg. Estimation du comportement cyclique des taux de marge : Une note technique
    Titel der Quelle: OECD journal: economic studies
    Publ. der Quelle: Paris : Organisation for Economic Cooperation & Development, 2008
    Angaben zur Quelle: Vol. 2002, no. 1, p. 173-188
    Keywords: Economics
    Abstract: This paper presents estimates of the cyclical fluctuations of price-cost margins, following an extended version of the Rotemberg and Woodford (1991) approach. The results support the hypothesis of counter-cyclical price margins in most manufacturing industries, especially in the presence of downward rigidities of labour inputs. This is consistent with a growing body of empirical literature showing that economic booms tend to increase competition or decrease the incentives for collusion, thereby creating downward pressures on price margins. It also offers an appealing interpretation of the otherwise puzzling pro-cyclicality of real wages.
    DOI: 10.1787/eco_studies-v2002-art6-en
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  • 36
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    Estimation du comportement cyclique des taux de marge : Une note technique (2003)
    Paris : OECD Publishing
    In:  Revue économique de l'OCDE Vol. 2002, no. 1, p. 187-202
    Details
    ISSN: 1684-3444
    Language: French
    Pages: 29 p
    Parallel Title: Parallelausg. Estimation of the Cyclical Behaviour of Mark-ups: A Technical Note
    Titel der Quelle: Revue économique de l'OCDE
    Publ. der Quelle: Paris : OCDE, 1998
    Angaben zur Quelle: Vol. 2002, no. 1, p. 187-202
    Keywords: Economics
    Abstract: Cette étude présente des estimations des fluctuations cycliques des taux de marge, suivant une généralisation de la méthode de Rotemberg et Woodford (1991). Les résultats confortent l’hypothèse que les taux de marge sont anticycliques dans la plupart des secteurs, notamment en présence de rigidités à la baisse de l’emploi. Cela s’accorde avec les nombreuses études empiriques selon lesquelles, lors des périodes d’expansion, la concurrence s’accroît ou les incitations à la collusion diminuent, ce qui engendre une pression à la baisse sur les taux de marge. En outre, ce résultat offre une interprétation intéressante pour le comportement procyclique des salaires réels.
    DOI: 10.1787/eco_studies-v2002-art6-fr
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    The Driving Forces of Economic Growth : Panel Data Evidence for the OECD Countries (2003)
    Paris : OECD Publishing
    In:  OECD journal: economic studies Vol. 2001, no. 2, p. 9-56
    Details
    ISSN: 1995-2856
    Language: English
    Pages: 61 p
    Parallel Title: Parallelausg. Les moteurs de la croissance dans les pays de l'OCDE : Analyse empirique sur des données de panel
    Titel der Quelle: OECD journal: economic studies
    Publ. der Quelle: Paris : Organisation for Economic Cooperation & Development, 2008
    Angaben zur Quelle: Vol. 2001, no. 2, p. 9-56
    Keywords: Economics
    Abstract: This paper discusses links between policy settings, institutions and economic growth in OECD countries on the basis of pooled cross-country time-series regressions. The novel econometric approach used in the paper allows short-term adjustments and convergence speeds to vary across countries, in accordance with most theoretical models, while imposing restrictions only on the longrun coefficients. In addition to the "primary" influences of physical and human capital accumulation, the results confirm the importance for growth of R&D activity, the macroeconomic environment, trade openness and well developed financial markets. They also confirm that many of the policy influences operate not only via the overall efficiency of factor use but also indirectly via the mobilisation of resources for fixed investment.
    DOI: 10.1787/eco_studies-v2001-art10-en
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  • 38
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    Les moteurs de la croissance dans les pays de l'OCDE : Analyse empirique sur des données de panel (2003)
    Paris : OECD Publishing
    In:  Revue économique de l'OCDE Vol. 2001, no. 2, p. 7-58
    Details
    ISSN: 1684-3444
    Language: French
    Pages: 65 p
    Parallel Title: Parallelausg. The Driving Forces of Economic Growth: Panel Data Evidence for the OECD Countries
    Titel der Quelle: Revue économique de l'OCDE
    Publ. der Quelle: Paris : OCDE, 1998
    Angaben zur Quelle: Vol. 2001, no. 2, p. 7-58
    Keywords: Economics
    Abstract: Ce document analyse les liens entre la croissance économique et les politiques et les institutions dans les pays de l’OCDE sur la base de régressions en coupe transversale et en séries temporelles. Une approche économétrique nouvelle permet aux paramètres de court terme et à la vitesse de convergence de varier d’un pays à l’autre, en accord avec la plupart des models théoriques, alors que seuls les paramètres de long terme sont contraints à être communs. Au-delà du rôle « primaire » joué par l’accumulation du capital physique et humain, les résultats confirment l’importance pour la croissance de l’activité de R-D, du cadre macroéconomique, ainsi que de l’ouverture aux échanges et du développement des marchés financiers. Les résultats confirment que les variables de politique économique influencent la croissance économique non seulement par le biais d’une allocation efficiente des facteurs de production, mais aussi indirectement par l’accumulation du capital.
    DOI: 10.1787/eco_studies-v2001-art10-fr
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  • 39
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    Sectoral Shifts in Europe and the United States : How They Affect Aggregate Labour Shares and the Properties of Wage Equations (2002)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 50 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.326
    Keywords: Economics ; United States
    Abstract: This paper sheds light on the importance of aggregation bias in the analysis of wage shares developments over time and across countries. We focus on five European countries and the United States and show that the trend decline in the aggregate wage share observed in these countries over much of the 1980s and 1990s partly reflects changes in the sectoral composition of the economy. The application of a fixed-weight aggregation method changes the profile of the observed wage share in a significant way: in particular there is no longer sign of an overshooting of the wage share levels of the early-1970s. Error-correction wage equations based on the adjusted wage shares generally have a better regression fit and show long-run elasticities of real wages to unemployment that vary less across countries and are substantially lower than those obtained with observed shares. These results are broadly confirmed by wage regressions using sectoral data and the Pooled Mean Group estimator ...
    DOI: 10.1787/763626062738
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  • 40
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    The Role of Policy and Institutions for Productivity and Firm Dynamics : Evidence from Micro and Industry Data (2002)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 64 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.329
    Keywords: Economics
    Abstract: This paper presents empirical evidence on the role that policy and institutional settings in both product and labour market play for productivity and firm dynamics. It exploits a new firm-level database for ten OECD countries and industry-level data for a broader set of countries, together with a set of indicators of regulation and institutional settings in product and labour markets. Aggregate productivity patterns are largely the result of within-firm performance. But, the contribution from firm dynamic processes should not be overlooked, most notably in high-tech industries where new firms tend to play an important role. Industry productivity performance is negatively affected by strict product market regulations, especially if there is a significant technology gap with the technology leader. Likewise, high hiring and firing costs seem to hinder productivity, especially when these costs are not offset by lower wages and/or more internal training. Moreover, burdensome regulations ...
    DOI: 10.1787/547061627526
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  • 41
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    Productivity and Convergence in a Panel of OECD Industries : Do Regulations and Institutions Matter? (2002)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 41 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.342
    Keywords: Economics
    Abstract: We analyse the impact of innovation activity and product and labour market institutions on multi-factor productivity in a panel of 23 industries in 18 OECD countries using a novel harmonised database. First, we provide evidence of convergence in productivity levels within most industries across OECD countries. Convergence is however stronger in services than in manufacturing and, in the latter sector, it is weaker for high-tech industries. We also find evidence that the impact of innovation activity (proxied by R&D expenditure) on productivity depends on market structure and technological characteristics, with a stronger impact for technological leaders in high-tech industries. In addition, anti-competitive product market regulations are negatively associated with productivity performance. The negative effect is larger the further a country is from the technological frontier, because such regulations hinder the process of technology adoption. Finally, there is also evidence in the ...
    DOI: 10.1787/004581482564
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  • 42
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    Does Human Capital Matter for Growth in OECD Countries? : Evidence from Pooled Mean-Group Estimates (2001)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 31 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.282
    Keywords: Economics
    Abstract: This paper presents empirical estimates of human-capital augmented growth equations for a panel of 21 OECD countries over the period 1971-98. It uses an improved dataset on human capital and a novel econometric technique that reconciles growth model assumptions with the needs of panel data regressions. Unlike several previous studies, our results point to a positive and significant impact of human capital accumulation to output per capita growth. The estimated long-run effect on output of one additional year of education (about 6 per cent) is also consistent with microeconomic evidence on the private returns to schooling. We also found a significant growth effect from the accumulation of physical capital and a speed of convergence to the steady state of around 15 per cent per year. Taken together these results are not consistent with the human capital augmented version of the Solow model, but rather they support an endogenous growth model à la Uzawa-Lucas, with constant returns to ...
    DOI: 10.1787/424300244276
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  • 43
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    Economic Growth: The Role of Policies and Institutions : Panel Data. Evidence from OECD Countries (2001)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 71 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.283
    Keywords: Economics
    Abstract: This paper discusses links between policy settings, institutions and economic growth in OECD countries on the basis of cross-country time-series regressions. The econometric approach allows short-term adjustments and convergence speeds to vary across countries, imposing restrictions only on the long-run coefficients. In addition to the ‘primary’ influences of capital accumulation and skills embodied in the human capital, the results confirm the importance for growth of R&D activity, the macroeconomic environment, trade openness and well developed financial markets. They also confirm that many of the policy influences operate not only ‘directly’ on growth but also indirectlyviathe mobilisation of resources for fixed investment. The paper also reports some bivariate correlations between OECD indicators of product regulation and growth. They provide some supporting evidence that the negative impact of stringent regulations and administrative burden on the efficiency of product ...
    DOI: 10.1787/722675213381
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    Making Growth More Environmentally Sustainable in Germany (2001)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 60 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.276
    Keywords: Economics ; Germany
    Abstract: This document analyses German environmental policies, including, among others, discussion of air and water quality policy, use of the waste management hierarchy approach and of voluntary agreements. The German public has been highly sensitive to environmental concerns, leading to many policy initiatives in this area since the early 1980s. Significant environmental improvements have been achieved, using an approach frequently based on detailed regulations, often developed with the close involvement of industry and even individual polluters. There has developed a tendency to relieve some of the heaviest polluters from the most stringent regulation, on the grounds of competitiveness concerns, and some polluting activities receive considerable direct or indirect subsidies; these policies will increasingly make it unnecessarily expensive to meet environmental targets. Objectives need to be defined more clearly and consistently and a less discriminatory approach to taxation and ...
    DOI: 10.1787/438703523226
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    Encouraging Environmentally Sustainable Growth in Australia (2001)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 43 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.309
    Keywords: Economics ; Australia
    Abstract: This document analyses aspects of natural resource and environmental policies in Australia, focusing on water resource management, salinity and climate change mitigation. The state and central governments have not made use of their taxation powers in these domains. The cap-and-trade system for water rights in the Murray Darling basin aims at better integration of economic and environmental reform. Still higher benefits could be reaped from trading if the various restrictions on trade were lifted, and if water pricing reform were accelerated in rural areas, so as to reflect economic and environmental costs. The rules for allocating flows for the environment also need to be clarified. To address dryland salinity, more co-ordination between the States and the Commonwealth is needed, for example to avoid the contradiction inherent in subsidising revegetation programmes while at the same time authorising further land clearing. Economic instruments could be used for intermediate ...
    DOI: 10.1787/404833521114
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    Economic Growth in the OECD Area : Recent Trends at the Aggregate and Sectoral Level (2000)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 131 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.248
    Keywords: Economics
    Abstract: This paper discusses growth performance in the OECD countries over the past two decades. Special attention is given to developments in labour productivity, allowing for human capital accumulation, and multifactor productivity (MFP), allowing for changes in the composition and quality of physical capital. The paper suggests wide (and growing) disparities in GDP per capita growth, while differences in labour productivity have remained broadly stable. These patterns are explained by different employment growth rates across countries. In the most recent years, a rise in MFP growth in ICT-related industries has boosted aggregate growth in some countries (e.g. the United States) ...
    DOI: 10.1787/843888182178
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    Knowledge, Technology and Economic Growth : Recent Evidence from OECD Countries (2000)
    Paris : OECD Publishing
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    Language: English
    Pages: 39 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.259
    Keywords: Economics
    Abstract: In this paper we present an international comparison of growth trends in the OECD countries, with a special attention to developments in labour productivity - allowing for human capital accumulation – and multifactor productivity (MFP) - allowing for changes in the composition of fixed capital. An attempt is also made to identify both the embodied (in particular in ICT equipment) and disembodied components of technical progress. The possible relation between improvements in MFP and the accumulation of knowledge (as proxied by R&D expenditures) is discussed, and some tentative policy considerations are advanced, mainly with reference to general framework conditions that might have a bearing in fostering technological changes. The main conclusions are that some “traditional” factors lay behind the disparities in growth patterns across the OECD countries. In particular, they refer to the ability of countries to employ their labour force. There also seem to be some new factors behind ...
    DOI: 10.1787/536435460443
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    Summary Indicators of Product Market Regulation with an Extension to Employment Protection Legislation (2000)
    Paris : OECD Publishing
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    Language: English
    Pages: 87 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.226
    Keywords: Economics
    Abstract: This paper presents a database on indicators of product market regulations and employment protection legislation for most of the OECD countries and illustrates a methodology for aggregating these detailed indicators into summary indicators of the strictness of regulations. The summary indicators are obtained by means of factor analysis, in which each component of the regulatory framework is weighted according to its contribution to the overall variance in the data. These indicators are used to assess the regulatory approaches across countries as well as the interrelations between various sets of regulatory provisions. While regulatory provisions can be classified and assessed from a variety of standpoints, this paper focuses exclusively on the relative friendliness of regulations to market mechanisms: there is no attempt to assess the overall quality of regulations or their aptness in achieving their stated public policy goals. The guiding principle inspiring the conception of the ...
    DOI: 10.1787/215182844604
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  • 49
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    Economic Effects of the 1999 Turkish Earthquakes : An Interim Report (2000)
    Paris : OECD Publishing
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    Language: English
    Pages: 47 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.247
    Keywords: Economics ; Turkey
    Abstract: This Working Paper presents a cross-Directorate Report on the economic, budgetary, regulatory and urbanpolicy implications of the earthquakes which struck the Marmara and Bolu areas of Turkey on 17 August and 12 November 1999. The earthquakes caused high casualties and significant material damage to property, with severe effects on economic activity. The Report traces the factors underlying Turkey’s vulnerability to earthquake damage, along a known active fault line, to deficiencies in risk identification procedures and risk-reduction methods, as well as to the absence of risk transfer and financing techniques. It suggests that these deficiencies may stem from the nature of recent Turkish economic development, which has been driven by the need to assimilate a mass migration from the countryside to the cities and has been associated with extremely high and variable inflation. Ensuring a more orderly future development requires both an overhaul of governance structures in ...
    DOI: 10.1787/233456804045
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  • 50
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    The Economic Effects of Employment-Conditional Income Support Schemes for the Low-Paid : An Illustration from a CGE Model Applied to Four OECD Countries (1999)
    Paris : OECD Publishing
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    Language: English
    Pages: 43 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.224
    Keywords: Economics
    Abstract: Problems of unemployment and low pay amongst the low-skilled and those with little work experience are severe in many OECD countries. Employment-conditional schemes are policy instruments designed to increase the employment prospects of the low-skilled as well as to support their living standard. In this paper a simple CGE model is developed to simulate the impact of the introduction of an employmentconditional scheme in four OECD countries. The simulated policy package is graduated on gross earnings with both “phase-in” and “phase-out” regions. The advantage of the CGE approach is to allow assessing the direct and indirect effects of the financing of the policy scheme on both labour demand and supply. The simulations suggest that employment effects on targeted households are significant while the impact on aggregate employment is modest. Furthermore, the cost-effectiveness of the policy package is found to depend crucially on the earnings distribution, the levels of taxes on ...
    DOI: 10.1787/083815484206
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    The Retirement Decision in OECD Countries (1999)
    Paris : OECD Publishing
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    Language: English
    Pages: 107 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.202
    Keywords: Economics
    Abstract: This paper examines the main determinants of the decision to retire from the labour market in OECD countries, and in particular the role of social security systems in driving down the labour-force participation rate of older people in recent decades. It demonstrates that old-age pension systems in virtually all OECD countries in the mid-1990s made it financially unattractive to work after the age of 55, and the implicit tax on continued work has risen strongly since the 1960s in most countries. Financial disincentives to continued work have been amplified by various de facto early-retirement programmes, including unemployment-related and disability schemes. Pooled cross-country time-series regressions show that increased disincentives to work at older ages have contributed significantly to the drop in labour-force participation rates of older males, but also demonstrate that the deterioration of labourmarket conditions in many countries has played a significant role as well ...
    DOI: 10.1787/565174210530
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  • 52
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    The Levels and Cyclical Behaviour of Mark-ups Across Countries and Market Structures (1999)
    Paris : OECD Publishing
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    Language: English
    Pages: 29 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.213
    Keywords: Economics
    Abstract: In this paper, we present estimates of the mark-up of product price over marginal costs for the US manufacturing industries over the 1970-1992 period. The paper extends the analysis used in previous studies based on nominal productivity residuals by considering intermediate inputs and cyclical fluctuations of price margins. The estimated steady-state mark-ups are positive but moderate, generally in the range of 10-20 per cent. The results also support the hypothesis of countercyclical price margins in most manufacturing industries, especially in the presence of downward rigidities of labour inputs. This offers an appealing interpretation of the otherwise puzzling procyclicality of real wages and enables to better estimate TFP. We also discuss the role of market structures on the levels and cyclicality of mark-ups. Finally, we compare the results for the United States with those of the other G-5 countries and distinguish between fragmented and segmented industries. The latter ...
    DOI: 10.1787/817488867486
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    Microeconometric Analysis of the Retirement Decision : Germany (1998)
    Paris : OECD Publishing
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    Language: English
    Pages: 38 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.204
    Keywords: Economics ; Germany
    Abstract: This paper analyses the determinants of the retirement decision in Germany using microdata from the German Socio-Economic Panel over the period 1985-1995. Non-parametric and semi-parametric techniques have been used to describe the exit to retirement. Non-parametric estimates suggest that the incentive structure generated by the different social security schemes play a powerful role in the individual retirement decision. The semi-parametric analysis is conducted using a piece-wise constant hazard model with multiple destinations (i.e. disability scheme and old-age pension scheme) and time-varying covariates. Socio-demographic factors have a strong impact on the retirement decision. Moreover, poor health contributes to early withdrawals from the labour market, especially in the case of disability retirement. Financial incentives offered in the pension system are also powerful in shaping the age profile of retirement. In particular, we used the pension wealth and an estimate of the ...
    DOI: 10.1787/572650601656
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  • 54
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    Mark-Up Ratios in Manufacturing Industries : Estimates for 14 OECD Countries (1996)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 49 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.162
    Keywords: Economics
    Abstract: This paper provides estimates of mark-ups of product prices over marginal costs for 36 manufacturing industries in 14 OECD countries over the 1970- 1992 period. The estimates are based on the methodology put forward by Roeger (1995), extended to include intermediate inputs. After a discussion of analytical and data issues, the estimates are presented and shown to be smaller than those of previous studies. It is also shown that the level and dispersion of mark-ups are consistent with a priori views about characteristics of the market structure prevailing in each industry. Finally, the paper examines how mark-up estimates affect the estimated rate of growth of total factor productivity (TFP) ...
    DOI: 10.1787/007750682315
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    Structural Budget Deficits and Fiscal Stance (1984)
    Paris : OECD Publishing
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    Language: English
    Pages: 87 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.15
    Keywords: Economics
    Abstract: Conventionally, fiscal policy analysis makes a distinction between "discretionary" budget changes and "built-in stability". This distinction is the first step to defining a structural budget balance operationally. Budget deficits vary automatically with the business cycle. Revenues automatically rise as the economy expands; unemployment transfers are reduced, leaving a deficit or surplus at the cyclical peak which may be termed a "structural" budget balance. The "built-in stabilizer" component of the deficit should be self-cancelling as the cyclical output gap is closed so that it is temporary and non-structural. A structural budget deficit is then that excess of public spending over revenues which would persist if the economy were to grow steadily at its highest sustainable employment rate, i.e. at the same rate as potential output.
    DOI: 10.1787/050184860264
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  • 56
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    Medium-Term Financial Strategy : The Co-ordination of Fiscal and Monetary Policies (1983)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 100 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.9
    Keywords: Economics
    Abstract: The aim of this paper is to provide an assessment of the medium-term financial strategies operating in and available to OECD economies. Three issues are discussed: first, the rationale for the increasing adoption of medium-term budgetary and monetary objectives; second, the appropriate criteria for the determination of medium-term policy norms, and the institutional means through which these are implemented; and third, the problems of ensuring consistency between short-term policies and medium-term goals. Underlying these issues is the theme of monetary and fiscal policy co-ordination and the medium-term effectiveness of demand management. To the extent that central banks can contain the pressures stemming from the mix of restrictive monetary targets and expansionary budgets, monetary and fiscal policies might be assigned to different objectives - inflation control and short-term employment support respectively (although monetary restraint would not free expansionary fiscal action ...
    DOI: 10.1787/034626486843
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