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The Nature of Financial and Real Business Cycles: The Great Moderation and Banking Sector Pro-Cyclicality
Égert, Balázs; Sutherland, Douglas - Economics Department, Organisation de Coopération et … - 2012
This paper takes a fresh look at the nature of financial and real business cycles in OECD countries using annual data series and shorter quarterly and monthly economic indicators. It first analyses the main characteristics of the cycle, including the length, amplitude, asymmetry and changes of...
Persistent link: https://www.econbiz.de/10009393769
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The Effectiveness of Monetary Policy since the Onset of the Financial Crisis
Bouis, Romain; Rawdanowicz, Łukasz; Renne, Jean-Paul; … - Economics Department, Organisation de Coopération et … - 2013
In the wake of the Great Recession, a massive monetary policy stimulus was provided in the main OECD economies. It helped to stabilise financial markets and avoid deflation. Nonetheless, GDP growth has been sluggish and in some countries lower than expected given the measures taken, and...
Persistent link: https://www.econbiz.de/10011276812
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The Effect of the Global Financial Crisis on OECD Potential Output
Ollivaud, Patrice; Turner, David - Economics Department, Organisation de Coopération et … - 2014
productivity and lower capital per worker. Despite large increases in structural unemployment in some countries, the contribution … and sectors in the aftermath of an adverse shock and so helps to mitigate its consequences.<P>Les conséquences de la crise …
Persistent link: https://www.econbiz.de/10011276787
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Debt and Macroeconomic Stability: Debt and the Business Cycle
Ziemann, Volker - Economics Department, Organisation de Coopération et … - 2012
Using a large panel of OECD countries this paper studies the link between debt and macroeconomic stability by comparing the evolution of balance sheet aggregates and economic output in high- and lowdebt environments. While the relationship between debt and economic growth has been extensively...
Persistent link: https://www.econbiz.de/10011276933
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Do House Prices Impact Consumption and Interest Rate?: Evidence from OECD Countries Using an Agnostic Identification Procedure
André, Christophe; Gupta, Rangan; Kanda, Patrick T. - Economics Department, Organisation de Coopération et … - 2012
seven major OECD countries using Uhlig's (2005) agnostic identification procedure. This method allows a housing demand shock … left unrestricted. The results suggest that consumption responds positively and significantly to a house price shock in … Canada, France, Japan and the UK. A significant positive delayed response of nominal interest rates follows a house price …
Persistent link: https://www.econbiz.de/10011277019
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Quantifying the Effect of Financial Conditions on US Activity
Guichard, Stéphanie; Turner, David - Economics Department, Organisation de Coopération et … - 2008
This paper constructs a broad measure of financial conditions for the United States which suggests that since the onset of the credit crisis there has been a marked tightening in financial conditions, despite a substantial easing of policy rates and a depreciation of the dollar. This measure of...
Persistent link: https://www.econbiz.de/10005045627
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Quantifying the Effect of Financial Conditions in the Euro Area, Japan, United Kingdom and United States
Guichard, Stéphanie; Haugh, David; Turner, David - Economics Department, Organisation de Coopération et … - 2009
This paper constructs a broad measure of financial conditions for the United States, Japan, the Euro Area and the United Kingdom, by extending monetary condition indices which are traditionally used to gauge the impact of monetary policy on the economy. In addition to changes in the exchange...
Persistent link: https://www.econbiz.de/10005045871
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Ongoing Changes in the Business Cycle: Evidence and Causes
Dalsgaard, Thomas; Elmeskov, Jørgen; Park, Cyn-Young - Economics Department, Organisation de Coopération et … - 2002
This paper first reviews a number of stylised facts concerning OECD country business cycles over the past four decades. In general, the amplitude of business cycles has fallen, driven mainly by declining fluctuations of domestic demand. As a result, international divergencies of cyclical...
Persistent link: https://www.econbiz.de/10005046149
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The Macroeconomic Consequences of Banking Crises in OECD Countries
Haugh, David; Ollivaud, Patrice; Turner, David - Economics Department, Organisation de Coopération et … - 2009
is mostly explained by an increase in the structural unemployment rate, which in turn may reflect the interaction of an …
Persistent link: https://www.econbiz.de/10005046244
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Reassessing the NAIRUs after the Crisis
Guichard, Stéphanie; Rusticelli, Elena - Economics Department, Organisation de Coopération et … - 2011
The financial crisis has resulted in a substantial increase in unemployment in the OECD. This paper shows that this … increase has reversed the reduction in structural unemployment which has been estimated to have occurred in most OECD countries … since the late 1990s. Structural unemployment is defined as a time-varying NAIRU derived from the information contained in a …
Persistent link: https://www.econbiz.de/10009394361