The efficiency of schools diverges dramatically across countries in the OECD and can also vary markedly within countries. These differences in levels of efficiency can be traced to policy and institutional settings. As such, moving to best practice could boost educational attainment and reduce...

This paper assesses the potential to raise public spending efficiency in the primary and secondary education sector. Resource availability per pupil has increased significantly over the past decade in a number of countries; often in attempting to exploit the link between educational attainment...

The Polish tax system has commendable features, in particular a capacity to generate strong revenue on a continuous basis. But it also has a number of less desirable features, which could hamper growth in the future and come under increased criticism both domestically and internationally. The...

This paper analyses the factors influencing the price of oil and its likely evolution over the next quarter century. It begins by investigating the fundamental forces shaping long-term oil price developments, highlighting the importance of growth-led demand for oil, particularly that emanating...

Against a background of mounting demands for spending on services provided by sub-central governments, this paper examines how fiscal rules can help to ensure that pressure on resources is minimised and available resources are used efficiently. Drawing on questionnaire responses and other...

An unprecedented “boom and bust” investment cycle occurred in the high-tech industries at the turn of the century, in particular in the telecommunications sector. Regulatory reforms and technological innovation fuelled expectations of robust growth in traffic, revenue and earnings....

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...

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...

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...

Income inequality and relative poverty in the United States are among the highest in the OECD and have substantially increased over the past decades. These developments have been associated with a number of other worrying statistics, including low intergenerational social mobility and weak real...