A recent study by David Aschauer suggested a novel explanation for the slowdown of private-sector total factor productivity (TFP) in the United States in the early 1970s. He argues that it is due to the roughly contemporaneous slowdown in the rate of investment in public-sector infrastructure....

This paper describes modifications to, and further developments of, the supply block in the Secretariat's INTERLINK world model as of the autumn of 1985. The objective of the work was to strengthen the role of supply side elements, in particular profitability, in the model. In the process,...

This paper reviews some of the difficult challenges facing debt managers in the years to come. In countries experiencing a rapidly diminishing gross debt, particularly the United States, this raises the issue of whether private-sector securities can serve as a substitute for the traditionally...

This paper examines the empirical basis for the debt-neutrality hypothesis in an international cross-section of eight major OECD countries over the period 1961-85. The analysis uses a dynamic demand system for durable and non-durable goods derived from individual optimizing behaviour. The model...

This paper assesses the progress of China’s transition toward a market economy by examining the structure of ownership, productivity, and profitability, as well as the concentration of production across firms, industries and regions. It does this by analyzing a database of firm microdata of...

This article investigates issues related to industrial restructuring in Russia. Based on extensive sectoral data it examines, more particularly, levels and changes in labour productivity, unit labour costs and revealed comparative advantages for a large number of Russian industrial sectors. The...

Weak productivity in Egypt is rooted in deep-seated structural causes that impede market competition and prevent a more efficient resource allocation. This implies a number of challenges for economic policy to meet the objectives for long-term sustainable growth as set out in the National...

We attempt to identify and explain the broad patterns of financial development in developed countries over the twentieth century. We find that, contrary to the predictions of most existing theories, indicators of financial development do not seem monotonic over time. In particular, we find that...

This paper examines the likely influence of recent stock market fluctuations on major OECD economies, focusing on wealth effects and consumption. After reviewing the relevant theoretical framework and available empirical evidence, consumption functions are estimated for the US including the...

This paper examines some alternative specifications of the aggregate consumption function for eight OECD countries. Wealth effects are potentially important as determinants of consumption and as a transmission channel from monetary influences to real variables. However, measurement difficulties...