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  • 1
    Online Resource
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    Real Gross Product in OECD Countries and Associated Purchasing Power Parities (1984)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 33 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.17
    Keywords: Economics
    Abstract: This report contains a new set of results on the levels of real per capita GDP and its main components in OECD countries in 1980, with estimates for later years upto 1984. Real per capita GDP is obtained by valuing the goods and services in different countries at a fixed set of prices, namely, the average prices prevailing at the time within the group of countries covered. This procedure is essentially the same as that used to measure volume changes over time within a single country when the fixed prices of some base year are used to compile expenditure or output series at constant prices. The international measures of real per capita GDP for different countries can therefore be interpreted in the same way as the volume indices which are used to measure real rates of growth within a single country. These international volume measures may be contrasted with measures of per capita GDP which are frequently obtained by converting data for different countries into a single currency ...
    DOI: 10.1787/222684453676
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  • 2
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    Structural Budget Deficits and Fiscal Stance (1984)
    Paris : OECD Publishing
    Details
    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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  • 3
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    Monetary Policy in the OECD INTERLINK Model (1984)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 48 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.16
    Keywords: Economics
    Abstract: The international financial linkage block of the OECD Secretariat's multi-country model, INTERLINK, is based on a portfolio balance model of exchange rate determination. International consistency is ensured by cross country restrictions on parameters imposed during estimation (1). However, in an earlier version of the model, the specification of the domestic financial sector for each country was too rudimentary for simulation analysis under alternative monetary policy assumptions. The main element missing from this version of the model was an explicit formulation of the money demand and supply process (2). This gap has been filled in the version of the model reported in this study, which opens the way for a more comprehensive set of alternative policy regimes under which the model can be run, notably: non-accommodating monetary policy; managed floating; fixed exchange rates; and floating with accommodating monetary policy. These will be elaborated upon in more detail below. In a ...
    DOI: 10.1787/735345408701
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  • 4
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    The Demand for Money and Velocity in Major OECD Countries (1984)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 39 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.13
    Keywords: Economics
    Abstract: In recent years the behaviour of the income velocity of money in major OECD economies has displayed considerable volatility for both narrow and broad monetary aggregates (Table 1). Velocity in a number of large OECD economies, for example, fell sharply in 1982. Most notably, declines in the income velocity of M1, M2 and M3 in the United States of 2.3, 4.9 and 5.9 per cent, respectively, were large by historical standards. Such movements in velocity may arise as a consequence of changes in money demand in two important ways: they may result from movements along the money demand function, as the normal implication of changes in its interest rate and inflation expectations arguments; and the money demand function itself may shift (money demand instability), leading to unpredictable changes in velocity. Velocity may also move as the mechanical result of policies by the authorities which alter the supply of money in the short run, while the private sector is able to adjust only with ...
    DOI: 10.1787/808007523862
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  • 5
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    Service Lives of Fixed Assets (1983)
    Paris : OECD Publishing
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    Language: English
    Pages: 40 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.4
    Keywords: Economics
    Abstract: Participants in the Special Meeting on National Accounts held in February 1980 requested the Secretariat to prepare a report on service lives of capital assets. Estimating service lives is one of the more difficult problems in using the perpetual inventory method to calculate capital stocks. While an earlier OECD report, The Measurement of Capital (40), had touched on the problem, participants agreed that this was an area where a more detailed study of country practices would be useful. A consultant, M. Pierre Teillet, was asked to conduct a survey of country practices and to prepare an initial report, which was briefly discussed at the Special Meeting on National Accounts held in June 1981. The present study, which has been prepared by the Economic Statistics and National Accounts Division of the ESD, draws both on the earlier work by M. Teillet and on the substantial quantity of reports, working papers and other documentation on capital stock estimates supplied by statistical ...
    DOI: 10.1787/546835542570
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  • 6
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    Capital, Energy and Labour Substitution : The Supply Block in OECD Medium-Term Models (1983)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 67 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.2
    Keywords: Economics
    Abstract: This paper sets out the various stages in the construction and estimation of a supply block for medium-term projection models. It describes the theoretical basis for the specification chosen and the estimation results. The basic block is a set of production factor demand functions. It is refined by modelling the scrapping behaviour of firms, introducing the effects stemming from movements in hours worked, and examining the role of profits. Other possible changes or improvements are outlined. The model is used to simulate the effects of movements in the relative prices of labour, capital and energy in recent years ...
    DOI: 10.1787/117343004583
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  • 7
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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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  • 8
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    Wage Formation in France : Sectoral Aspects (1983)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 57 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.3
    Keywords: Economics ; France
    Abstract: The purpose of this paper is to examine the processes of wage formation in France sector by sector, to idenitfy the reasons for fluctuations in sectoral wage differentials and ascertain whether wage emulation exists. In France no information is available quarterly on sector wages with breakdowns by sex or according to a number of other characteristics, so it was not possible to make use of a number of studies done in other countries on the degree of wage dispersion, such as those of Bouteiller (1971), Pollen (1977), Tachibanaki (1974), and all the studies on the much researched relationship between wage level and membership of a trade union. Here it would be appropriate to ...
    DOI: 10.1787/075052006204
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  • 9
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    The Determinants of Exchange Rate Movements (1983)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 54 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.7
    Keywords: Economics
    Abstract: Exchange rates are relative prices of national currencies, and under a floating rate regime they may naturally be viewed as being determined by the interplay of supply and demand in foreign exchange markets. This proposition is uncontroversial, but it provides no more than a starting point for understanding exchange rate determination and its relationship to other macroeconomic variables and to policy. Supply and demand in currency markets are dependent on conditions in other markets, real and financial, which are affected in turn by exchange rates themselves. In fact any analysis which attempted to be general would describe exchange rates as being determined in a complex process of interaction simultaneously with all other variables in the international macro-economy. Such an approach would prove too cumbersome to be helpful empirically. Simplifying assumptions have therefore been used in most standard models to provide explanations which are in varying degrees partial. Each model ...
    DOI: 10.1787/412364058261
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