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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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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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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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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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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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Growth Policies and Macroeconomic Stability
Sutherland, Douglas; Hoeller, Peter - Economics Department, Organisation de Coopération et … - 2014
Policy reforms aimed at boosting long-run growth often have side effects – positive or negative – on an economy’s vulnerability to shocks and their propagation. Macroeconomic shocks as severe and protracted as those since 2007 warrant a reconsideration of the role growth-promoting policies...
Persistent link: https://www.econbiz.de/10011276723
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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
This paper estimates potential output losses from the global financial crisis by comparing recent OECD published projections with a counter-factual assuming a continuation of pre-crisis productivity trends and a trend employment rate which is sensitive to demographic trends. Among the 19 OECD...
Persistent link: https://www.econbiz.de/10011276787
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Do Structural Policies Affect Macroeconomic Stability?
Ziemann, Volker - Economics Department, Organisation de Coopération et … - 2013
Using a panel of OECD countries, this study assesses the linkages between structural policies and macroeconomic stability. Business cycle and time-series characteristics of GDP and its components are employed to define various measures for economic instability and for the persistence of adverse...
Persistent link: https://www.econbiz.de/10011276797