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Improving the Fiscal Framework to Enhance Growth in an Era of Fiscal Consolidation in Slovakia

Klein, Caroline; Price, Robert W.R.; Wörgötter, Andreas - Economics Department, Organisation de Coopération et … - 2013

The challenge for fiscal policy in Slovakia is to achieve fiscal consolidation in a way which supports the fragile recovery and protects spending on areas which are important for re-embarking on a trajectory of high trend growth and underpinning a catch-up in living standards. While the recently...

Persistent link: https://www.econbiz.de/10011277021

Fiscal Prospects and Reforms in India

Herd, Richard; Hill, Sam; Koen, Vincent - Economics Department, Organisation de Coopération et … - 2011

Substantial fiscal consolidation was achieved under the aegis of the 2003 Fiscal Responsibility and Budget Management Act. While deficits widened anew in 2008 and 2009, against the backdrop of the global financial and economic crisis, efforts to reduce them have resumed since. To ensure...

Persistent link: https://www.econbiz.de/10009364448

Tackling Turkey's External and Domestic Macroeconomic Imbalances

Röhn, Oliver; Gönenç, Rauf; Koen, Vincent; … - Economics Department, Organisation de Coopération et … - 2012

Effective macroeconomic and structural policies helped Turkey bounce back quickly and strongly from the global crisis, with annual growth averaging close to 9% over 2010-11. However, the current account deficit widened to around 10% of GDP in 2011 and consumer price inflation rose to over 10%....

Persistent link: https://www.econbiz.de/10011277032

Avoiding Debt Traps: Financial Backstops and Structural Reforms

Padoan, Pier Carlo; Sila, Urban; Noord, Paul van den - Economics Department, Organisation de Coopération et … - 2012

In this paper we develop a simple analytical framework to analyze “good” and “bad equilibria” in public-debt and growth dynamics. The “bad equilibrium” is characterised by the simultaneous occurrence, and adverse feedbacks between, high and growing fiscal deficits and debt, high risk...

Persistent link: https://www.econbiz.de/10011273966

A Simple Fiscal Stress Testing Model: Case Studies of Austrian, Czech and German Economies

Kamenik, Ondra; Tuma, Zdenek; Vavra, David; Smidova, Zuzana - Economics Department, Organisation de Coopération et … - 2013

This paper develops a simple model-based framework for stress testing fiscal consolidation strategies under different scenarios of future shocks. A baseline scenario assuming a gradual debt consolidation is presented and by assuming different future developments (e.g. lower potential growth)...

Persistent link: https://www.econbiz.de/10011276864

Implications of Output Gap Uncertainty in Times of Crisis

Bouis, Romain; Cournède, Boris; Christensen, Ane Kathrine - Economics Department, Organisation de Coopération et … - 2012

This paper analyses the monetary and fiscal policy implications of output gap estimates in times of crisis. The widening of output gaps observed in major OECD economies in the wake of the recent crisis has been mainly due to total factor productivity gaps, except in the United States where it...

Persistent link: https://www.econbiz.de/10011276902

OECD Forecasts During and After the Financial Crisis: A Post Mortem

Pain, Nigel; Lewis, Christine; Dang, Thai-Thanh; Jin, Yosuke - Economics Department, Organisation de Coopération et … - 2014

This paper assesses the OECD’s projections for GDP growth and inflation during the global financial crisis and recovery, focussing on lessons that can be learned. The projections repeatedly over-estimated growth, failing to anticipate the extent of the slowdown and later the weak pace of the...

Persistent link: https://www.econbiz.de/10011277004

Reducing Macroeconomic Imbalances in Turkey

Röhn, Oliver; Gönenç, Rauf; Koen, Vincent; Coşar, … - Economics Department, Organisation de Coopération et … - 2014

Turkey recovered swiftly from the global financial crisis but sizeable macroeconomic imbalances arose in the process. High consumer price inflation and a wide current account deficit are sources of vulnerability. Even though below-potential growth helps rebalancing and disinflation, these...

Persistent link: https://www.econbiz.de/10011277023

The Effects of Fiscal Policy on Output: A DSGE Analysis

Furceri, Davide; Mourougane, Annabelle - Economics Department, Organisation de Coopération et … - 2010

This paper examines the effects of fiscal policy on output in the euro area. For this purpose we develop a DSGE Fiscal Model with endogenous government bond yields to assess the impact of different fiscal policy shocks on output, its components and on government debt. The simulations suggest...

Persistent link: https://www.econbiz.de/10008458987

Catching-up and Inflation in Europe: Balassa-Samuelson, Engel's Law and Other Culprits

Égert, Balázs - Economics Department, Organisation de Coopération et … - 2010

periods of very fast growth. We interpret these results as a sign that price level convergence comes from goods, market and … être vérifiée durant des périodes de forte croissance économique. Ces résultats suggèrent que la convergence des niveaux de … prix provient de la convergence des niveaux de prix des biens échangeables, des biens non-échangeables marchands et non …

Persistent link: https://www.econbiz.de/10008461038