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Sløk, Torsten - 2004

fundamentals coupled with OECD-wide abundant liquidity. Regarding the latter two factors, principal component analysis was used … analysis finds that both economic fundamentals and liquidity have played a statistically significant role in driving the common … factor. It also finds that liquidity (measured as the GDP weighted average of M3 of the three major economies less its trend …

Persistent link: https://www.econbiz.de/10012445763

Fiscal Policy Reaction to the Cycle in the OECD : Pro- or Counter-cyclical?

Égert, Balázs - 2010

This paper analyses the reaction of fiscal policy to the cycle in OECD countries. The results suggest that while overall government balances were counter-cyclical in the past and more so in economic downturns than in upswings, discretionary fiscal policy was neutral on average. However,...

Persistent link: https://www.econbiz.de/10012445698

What Promotes Fiscal Consolidation : OECD Country Experiences

Guichard, Stéphanie; Kennedy, Mike; Wurzel, Eckhard; … - 2007

Fiscal consolidation is required in most OECD countries. This is especially so in view of mediumand long-term spending pressures on public finances, related, inter alia, to ageing. Based on a dataset covering a large number of OECD fiscal consolidation episodes starting in the late 1970s, the...

Persistent link: https://www.econbiz.de/10012445792

Government size, composition, volatility and economic growth

Afonso, António; Furceri, Davide - In: European journal of political economy 26 (2010) 4, pp. 517-532

Persistent link: https://www.econbiz.de/10008933778

The Formulation of Monetary Policy : A Reassessment in the Light of Recent Experience

Atkinson, Paul - 1986

This paper reassesses, in the light of recent experience, the formulation of monetary policy in terms of targets for monetary aggregates in the major countries. A number of difficulties which have arisen are discussed: instability of the money-income relationship; constraints created by fiscal...

Persistent link: https://www.econbiz.de/10012445118

Fiscal Policy Responsiveness, Persistence, and Discretion

Afonso, António; Agnello, Luca; Furceri, Davide - Economics Department, Organisation de Coopération et … - 2008

In this working paper, we decompose fiscal policy in three components: i) responsiveness, ii) persistence and iii) discretion. Using a sample of 132 countries, our results point out that fiscal policy tends to be more persistent than responding to output variations. We also found that while the...

Persistent link: https://www.econbiz.de/10005045613