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Catching-up and Inflation in Europe: Balassa-Samuelson, Engel's Law and Other Culprits
Égert, Balázs - Economics Department, Organisation de Coopération et … - 2010
This study analyses the impact of economic catching-up on annual inflation rates in the European Union with a special focus on the new member countries of Central and Eastern Europe. Using an array of estimation methods, we show that the Balassa-Samuelson effect is not an important driver of...
Persistent link: https://www.econbiz.de/10008461038
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Catching-up and Inflation in Europe : Balassa-Samuelson, Engel's Law and Other Culprits
Égert, Balázs - 2010
This study analyses the impact of economic catching-up on annual inflation rates in the European Union with a special focus on the new member countries of Central and Eastern Europe. Using an array of estimation methods, we show that the Balassa-Samuelson effect is not an important driver of...
Persistent link: https://www.econbiz.de/10012444720
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Improving the Functioning of the Housing Market in the United Kingdom
André, Christophe - Economics Department, Organisation de Coopération et … - 2011
and end 2007, which spurred household consumption. While this boosted output growth, economic imbalances and financial …
Persistent link: https://www.econbiz.de/10009643456
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Policies to Rebalance Housing Markets in New Zealand
Cheung, Calista - Economics Department, Organisation de Coopération et … - 2011
A considerable housing boom has been a key feature of persistently large saving-investment imbalances in New Zealand over the past decade. Wealth is concentrated to a greater extent in property compared to most other OECD countries, leaving households and the banking system heavily exposed to a...
Persistent link: https://www.econbiz.de/10009149950
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Deleveraging: Challenges, Progress and Policies
Bouis, Romain; Christensen, Ane Kathrine; Cournède, Boris - Economics Department, Organisation de Coopération et … - 2013
In the run-up to the financial crisis, indebtedness of households and non-financial businesses rose to historically high levels in many OECD countries; gross debt of financial companies rose dramatically relative to GDP. Much of the debt accumulation appears to have been based on excessive...
Persistent link: https://www.econbiz.de/10011276972
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House Prices and Economic Activity
Girouard, Nathalie; Blöndal, Sveinbjörn - Economics Department, Organisation de Coopération et … - 2001
This paper reviews the role of house prices in influencing private consumption and residential investment in OECD … borrow for current consumption on the basis of their housing wealth, and the easing of borrowing constraints has often been … for the major OECD countries suggest that house prices have a significant positive impact on private consumption through …
Persistent link: https://www.econbiz.de/10005045630
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Financial Market Liberalisation, Wealth and Consumption
Boone, Laurence; Girouard, Nathalie; Wanner, Isabelle - Economics Department, Organisation de Coopération et … - 2001
have eased the liquidity constraints facing households, thus raising the targeted level of consumption. The objective of … relationship between consumption and income, and more specifically on the wealth effect. A range of different procedures is used to …
Persistent link: https://www.econbiz.de/10005045935
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Housing Markets, Wealth and the Business Cycle
Catte, Pietro; Girouard, Nathalie; Price, Robert W.R.; … - Economics Department, Organisation de Coopération et … - 2004
mortgage markets. The paper focuses specifically on: the transmission channel from housing wealth to consumption and on the … that the strongest impact on consumption is in countries that have large, efficient and responsive mortgage markets …
Persistent link: https://www.econbiz.de/10005046210
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Do House Prices Impact Consumption and Interest Rate?: Evidence from OECD Countries Using an Agnostic Identification Procedure
André, Christophe; Gupta, Rangan; Kanda, Patrick T. - Economics Department, Organisation de Coopération et … - 2012
, residential investment, real house prices and mortgage loans, while private consumption and nominal interest rate responses are … left unrestricted. The results suggest that consumption responds positively and significantly to a house price shock in …
Persistent link: https://www.econbiz.de/10011277019
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Iceland: Challenging Times for Monetary and Fiscal Policies
Michelis, Andrea de - Economics Department, Organisation de Coopération et … - 2009
Monetary and fiscal policies face huge challenges: the banking sector has collapsed; the economy is in the midst of a deep recession; the exchange rate has plunged; capital flows have been frozen; inflation is elevated; public debt has risen; source of revenues have disappeared; social needs have...
Persistent link: https://www.econbiz.de/10008498025