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Housing Markets and Adjustment in Monetary Union
Hoeller, Peter; Rae, David - Economics Department, Organisation de Coopération et … - 2007
This paper highlights the factors that limit or increase cyclical divergence in the euro area and reviews one policy area that is important in fostering a speedy adjustment to shocks: the transmission of monetary policy via the housing market. A high interest rate sensitivity of housing markets...
Persistent link: https://www.econbiz.de/10005045746
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Catching-up and Inflation in Europe: Balassa-Samuelson, Engel's Law and Other Culprits
Égert, Balázs - Economics Department, Organisation de Coopération et … - 2010
This study analyses the impact of economic catching-up on annual inflation rates in the European Union with a special focus on the new member countries of Central and Eastern Europe. Using an array of estimation methods, we show that the Balassa-Samuelson effect is not an important driver of...
Persistent link: https://www.econbiz.de/10008461038
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Macroeconomic Impact of Basel III
Slovik, Patrick; Cournède, Boris - Economics Department, Organisation de Coopération et … - 2011
The estimated medium-term impact of Basel III implementation on GDP growth is in the range of -0.05 to -0.15 percentage point per annum. Economic output is mainly affected by an increase in bank lending spreads as banks pass a rise in bank funding costs, due to higher capital requirements, to...
Persistent link: https://www.econbiz.de/10008838314
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Boosting the Development of Efficient SMEs in the Netherlands
Kierzenkowski, Rafał; Kastaneer, Jochebed - Economics Department, Organisation de Coopération et … - 2014
medium-sized enterprises (SME) sector has been severely affected by the crisis, with access to bank finance being … alternatives to bank lending options for SME finance is important but will take time. Restructuring banks’ balance sheets is … productivity gains, and SME competitiveness and growth. Also, easing labour market regulation would further support SME development …
Persistent link: https://www.econbiz.de/10011277034
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Cross-Country Spillovers from Fiscal Consolidations
Goujard, Antoine - Economics Department, Organisation de Coopération et … - 2013
In many OECD countries, government debt reached levels over recent years that call for reduction over the medium to longer term to ensure public finance sustainability. This paper investigates the international transmission of fiscal consolidation shocks via trade flows. Using a measure of...
Persistent link: https://www.econbiz.de/10011269144
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Debt and Macroeconomic Stability
Sutherland, Douglas; Hoeller, Peter; Merola, Rossana; … - Economics Department, Organisation de Coopération et … - 2012
Debt levels have surged since the mid-1990s and have reached historic highs across the OECD. High debt levels can create vulnerabilities, which amplify and transmit macroeconomic and asset price shocks. Furthermore, high debt levels hinder the ability of households and enterprises to smooth...
Persistent link: https://www.econbiz.de/10011269145
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Short-Term Gain or Pain? A DSGE Model-Based Analysis of the Short-Term Effects of Structural Reforms in Labour and Product Markets
Cacciatore, Matteo; Duval, Romain; Fiori, Giuseppe - Economics Department, Organisation de Coopération et … - 2012
This paper explores the short-term effects of labour and product market reforms through a dynamic general equilibrium model that features endogenous producer entry, equilibrium unemployment and costly job creation and destruction. Unlike in existing work, the link between labour and product...
Persistent link: https://www.econbiz.de/10011007421
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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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The Width of the Intra-European Economic Borders
Serres, Alain de; Hoeller, Peter; Maisonneuve, … - Economics Department, Organisation de Coopération et … - 2001
This paper first provides a brief overview of the literature on market segmentation and then presents an empirical exercise that sheds more light on the significance of border effects across European countries. The literature suggests that integration in the EU goods and financial markets is...
Persistent link: https://www.econbiz.de/10005045649
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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 potential and associated output gaps in the assessment of the short-term conjunctural situation, comparative economic performance and longer-term growth determinants. This paper...
Persistent link: https://www.econbiz.de/10005045696