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China's March to Prosperity: Reforms to Avoid the Middle-income Trap
Koen, Vincent; Herd, Richard; Hill, Sam - Economics Department, Organisation de Coopération et … - 2013
China is well-placed to avoid the so-called “middle-income trap” and to continue to converge towards the more advanced economies, even though growth is likely to slow from near double-digit rates in the first decade of this millennium to around 7% at the 2020 horizon. However, in order to...
Persistent link: https://www.econbiz.de/10011277005
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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
partly due to a worsening in productivity performance which may be related to the protracted nature of the banking problems … was no deterioration in productivity performance, although there was a temporary deterioration in potential growth which …
Persistent link: https://www.econbiz.de/10005046244
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Asset Prices and Real Economic Activity
Davis, E. Philip - Economics Department, Organisation de Coopération et … - 2010
A survey of the literature on asset price impacts on the real economy shows a much wider range of work on consumption and related wealth effects than on investment. The existence of wealth effects on consumption is little contested, but there remains an issue of whether different effects should...
Persistent link: https://www.econbiz.de/10008542500
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The Significance of Switzerland's Enormous Current-Account Surplus
Jarrett, Peter; Letremy, Céline - Economics Department, Organisation de Coopération et … - 2008
Switzerland has had a long-standing surplus on its current account. But over the past 15 years that surplus has surged to levels unmatched by nearly any other OECD country at any point. This paper looks at the surplus from a balance of payments vantage point as well as from the optic of the...
Persistent link: https://www.econbiz.de/10005045585
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Finance and Growth: Some Theoretical Considerations and a Review of the Empirical Literature
Tsuru, Kotaro - Economics Department, Organisation de Coopération et … - 2000
This paper aims at providing an overview of the theoretical considerations and a review of the empirical literature on the relationship between finance and growth. Section I describes the role of financial development in economic growth at the macro level, both theoretically and empirically....
Persistent link: https://www.econbiz.de/10005046080
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New OECD Methods for Supply-side and Medium-term Assessments: A Capital Services Approach
Beffy, Pierre-Olivier; Ollivaud, Patrice; Richardson, Pete - Economics Department, Organisation de Coopération et … - 2006
The OECD makes frequent use of the supply-side framework and associated measures of factor productivity, productive …
Persistent link: https://www.econbiz.de/10005045696
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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 Effect of the Global Financial Crisis on OECD Potential Output
Ollivaud, Patrice; Turner, David - Economics Department, Organisation de Coopération et … - 2014
projections with a counter-factual assuming a continuation of pre-crisis productivity trends and a trend employment rate which is …, countries. The largest adverse effects come from lower trend productivity, which is a combination of both lower total factor … productivity and lower capital per worker. Despite large increases in structural unemployment in some countries, the contribution …
Persistent link: https://www.econbiz.de/10011276787
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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