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The Usefulness of Output Gaps for Policy Analysis
Koske, Isabell; Pain, Nigel - Economics Department, Organisation de Coopération et … - 2008
subject to considerable revision over time, this paper investigates the uncertainty surrounding projections and early outturn … are relatively moderate. Despite the uncertainty attached to gap estimates, they remain useful for policymakers, helping …
Persistent link: https://www.econbiz.de/10005046234
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Macroeconomic Policy and Economic Performance
de Lima, Pedro - 2003
This paper analyses the major changes in both monetary and fiscal policy that have taken place over the past two decades and, within the limits of the existing empirical research, evaluates the overall costs and benefits for the OECD economies. The general findings for monetary policy are that,...
Persistent link: https://www.econbiz.de/10012444501
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Implications of Output Gap Uncertainty in Times of Crisis
Bouis, Romain; Cournède, Boris; Christensen, Ane Kathrine - Economics Department, Organisation de Coopération et … - 2012
indicators to guide monetary policy decisions. However, these gaps are estimated with a large margin of uncertainty, especially … when composed mainly of TFP gaps. Given the high uncertainty of output gap estimates at present, monetary policy should put … of underlying fiscal balances being reasonably robust to output gap uncertainty.<P>Implications de l'incertitude des …
Persistent link: https://www.econbiz.de/10011276902
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Macroeconomic Policy and Economic Performance
Lima, Pedro de; Serres, Alain de; Kennedy, Mike - Economics Department, Organisation de Coopération et … - 2003
This paper analyses the major changes in both monetary and fiscal policy that have taken place over the past two decades and, within the limits of the existing empirical research, evaluates the overall costs and benefits for the OECD economies. The general findings for monetary policy are that,...
Persistent link: https://www.econbiz.de/10005045854
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Strengthening the Macroeconomic Policy Framework in South Africa
Lysenko, Tatiana; Barnard, Geoff - Economics Department, Organisation de Coopération et … - 2011
South Africa’s macroeconomic framework has served the economy well, but should be strengthened to make the economy more resilient to external shocks. Enhancing the credibility of the inflation target would provide the monetary authorities with more space for flexibility in the face of...
Persistent link: https://www.econbiz.de/10008854030
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Is there a Case for Price-level Targeting?
Cournède, Boris; Moccero, Diego - Economics Department, Organisation de Coopération et … - 2009
There is a case, but there are also counter-arguments. With sufficient forward-looking behaviour among firms and households, price-level targeting can act as a powerful built-in stabiliser through automatic shifts in inflation expectations. This stabilisation mechanism reduces the need for large...
Persistent link: https://www.econbiz.de/10004988410
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Nothing Ventured, Nothing Gained : The Long-Run Fiscal Reward of Structural Reforms
Hoeller, Peter - 2006
The recent reform of the Stability and Growth Pact provides more leeway for EU governments to temporarily breach the 3% deficit limit if this facilitates the implementation of initially expensive reforms. But the implementation of this principle is not obvious as budgets would need to specify...
Persistent link: https://www.econbiz.de/10012442916
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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
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Nothing Ventured, Nothing Gained: The Long-Run Fiscal Reward of Structural Reforms
Hoeller, Peter; Giorno, Claude - Economics Department, Organisation de Coopération et … - 2006
The recent reform of the Stability and Growth Pact provides more leeway for EU governments to temporarily breach the 3% deficit limit if this facilitates the implementation of initially expensive reforms. But the implementation of this principle is not obvious as budgets would need to specify...
Persistent link: https://www.econbiz.de/10005046157
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A Golden Rule for Russia? How a Rule-Based Fiscal Policy Can Allow a Smooth Adjustment to the New Terms of Trade
Gianella, Christian - 2007
The Russian economy continues to grow strongly, buoyed by rising terms of trade, which, in turn, are supporting a boom in domestic consumption. This paper addresses the challenge that the adjustment to sustained high oil prices poses for macroeconomic management. It first examines the impact of...
Persistent link: https://www.econbiz.de/10012445915