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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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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 … shock in Germany, Japan, the UK and the US, suggesting that while central banks do not seem to respond instantly and …
Persistent link: https://www.econbiz.de/10011277019
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Sources of Inflation Persistence in the Euro Area
Cournède, Boris; Janovskaia, Alexandra; Noord, Paul van den - Economics Department, Organisation de Coopération et … - 2005
In recent years, inflation in the euro area has failed to decelerate decisively while cyclical slack built up in the economy. Is this phenomenon more than a peculiarity in recent data? Is it related to structural policy settings? Econometric analysis conducted on two decades of quarterly data...
Persistent link: https://www.econbiz.de/10005045977
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The Economic Consequences of Terrorism
Lenain, Patrick; Bonturi, Marcos; Koen, Vincent - Economics Department, Organisation de Coopération et … - 2002
The unprecedented 11 September 2001 terrorist attacks in the United States caused massive casualties and damage, and ushered in an era of greater uncertainty. While a prompt and vigorous policy response helped limit the immediate economic impact of the aggression, the heightened terrorist threat...
Persistent link: https://www.econbiz.de/10005046162
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Housing, Financial and Capital Taxation Policies to Ensure Robust Growth in Sweden
McGowan, Muge Adalet - Economics Department, Organisation de Coopération et … - 2013
Extensive structural reforms since the early 1990s have strengthened the resilience of the Swedish economy to shocks. However, more needs to be done to better manage near-term risks and ensure that growth remains sustainable in the longer run. Reforming the housing market would reduce the risks...
Persistent link: https://www.econbiz.de/10011277020
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Removing Obstacles to Employment for Women in Ireland
Cournède, Boris - Economics Department, Organisation de Coopération et … - 2006
Women have contributed a great deal to Ireland's economic growth, including by joining the labour force in large numbers. The rise in female participation since 1990 has been amongst the strongest in the OECD, but from a low base. Female participation rates remain below the OECD average for all...
Persistent link: https://www.econbiz.de/10005045645
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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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The Effects of Downturns on Labour Force Participation: Evidence and Causes
Duval, Romain; Eris, Mehmet; Furceri, Davide - Economics Department, Organisation de Coopération et … - 2011
This paper uses an impulse-response function approach to assess the magnitude and persistence of the effects of downturns on labour force participation for a sample of 30 countries over the period 1960-2008. Past severe recessions appear to have had a significant and persistent impact on...
Persistent link: https://www.econbiz.de/10009146866
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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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Adjusting Fiscal Balances for Asset Price Cycles
Price, Robert W.R.; Dang, Thai-Thanh - Economics Department, Organisation de Coopération et … - 2011
This paper develops a method for adjusting structural budget balances for asset price cycles and presents estimates of structural budget balances corrected for house-price and equity-price cycles for OECD countries. The traditional cyclically adjusted budget balance indicator, which is the basis...
Persistent link: https://www.econbiz.de/10009643458