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Persistent link: https://www.econbiz.de/10008933778
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
Monetary policy affects activity, and ultimately inflation, in a number of ways. The most important of these is generally considered to be through the effect of interest rates directly on the demand for goods by households and firms. However, monetary policy can also influence activity through...
Persistent link: https://www.econbiz.de/10012442994
In a new and changing environment for monetary policy, an interesting issue to examine is the use of financial market indicators by monetary policy authorities. With this in mind, the OECD canvassed a number of major central banks to get their views. This paper presents a synthesis of the...
Persistent link: https://www.econbiz.de/10012446294
more efficient euro-area financial market. Turning to Japan, the level of debt is projected to rise rapidly and there is a … need to improve the liquidity of the Japanese government bond market. To this end, a number of measures could be introduced …
Persistent link: https://www.econbiz.de/10012445614