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Breaks in the mean of inflation : how they happen and what to do with them
Corvoisier, Sandrine (contributor);  … - 2005
In most OECD countries, we cannot reject up to three breaks in the mean of inflation: one break in the late 1960's … phenomena. We also show that ignoring breaks in the mean of inflation clearly lead to overrate inflation persistence in standard … bi-variate models of inflation. The response of inflation to shocks in these models is markedly faster with breaks than …
Persistent link: https://www.econbiz.de/10002817410
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The wage-price pass-through in the euro area : does the growth regime matter?
Hahn, Elke - 2020
growth regime. Since the great financial crisis inflation developments have posed major puzzles to economists as inflation … paper analyses whether the wage-price pass-through may have contributed to these inflation puzzles. Applying the Threshold … or diminish the puzzle of the missing disinflation of the past two recessions suggesting that inflation should be …
Persistent link: https://www.econbiz.de/10012305400
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Government size, composition, volatility and economic growth
Afonso, António (contributor); Furceri, Davide (contributor) - 2008
This paper analyses the effects in terms of size and volatility of government revenue and spending on growth in OECD and EU countries. The results of the paper suggest that both variables are detrimental to growth. In particular, looking more closely at the effect of each component of government...
Persistent link: https://www.econbiz.de/10003636033
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Expenditure reform in industrialised countries : a case study approach
Hauptmeier, Sebastian (contributor);  … - 2006
This study examines reforms of public expenditure in industrialised countries over the past two decades. We distinguish ambitious and timid reformers and analyse in detail reform experiences in eight case studies of ambitious reform episodes. We find that ambitious reform countries reduce...
Persistent link: https://www.econbiz.de/10003337199
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Finance and diversification
Manganelli, Simone; Popov, Alexander - 2010
We study how financial market effciency affects a measure of diversification of output across industrial sectors borrowed from the portfolio allocation literature. Using data on sector-level value added for a wide cross section of countries and for various levels of disaggregation, we construct...
Persistent link: https://www.econbiz.de/10008688519
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Public and private inputs in aggregate production and growth : a cross-country efficiency approach
Afonso, António; St. Aubyn, Miguel - 2010
In a cross section of OECD countries we replace the macroeconomic production function by a production possibility frontier, TFP being the composite effect of efficiency scores and possibility frontier changes. We consider, for the periods 1970, 1980, 1990, 2000, one output: GDP per worker; three...
Persistent link: https://www.econbiz.de/10003970447
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Fiscal policy and growth : do financial crises make a difference?
Afonso, António; Grüner, Hans Peter; Kolerus, Christina - 2010
In this paper we assess to what extent in the existence of a financial crisis, government spending can contribute to mitigate economic downturns in the short run and whether such impact differs in crisis and non crisis times. We use panel analysis for a set of OECD and non-OECD countries for the...
Persistent link: https://www.econbiz.de/10003983667
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Heterogeneity and cross-country spillovers in macroeconomic-financial linkages
Ciccarelli, Matteo; Ortega, Eva; Valderrama, María Teresa - 2012
Persistent link: https://www.econbiz.de/10009765932
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Quality of public finances and growth
Afonso, António; Ebert, Werner; Schuknecht, Ludger; … - 2005
In this paper we review the linkages between the quality of public finances, that is, the level and composition of public expenditure and its financing via revenue and deficits, and economic growth. We review the various channels through which public finances affect growth and its underlying...
Persistent link: https://www.econbiz.de/10002813412
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Downward nominal wage rigidity in the OECD
Holden, Steinar (contributor);  … - 2007
Recent micro studies have documented extensive downward nominal wage rigidity (dnwr) for job stayers in many oecd countries, but the effect on aggregate variables remains disputed. Using data for hourly nominal wages, we explore the existence of dnwr on wages at the industry level in 19 oecd...
Persistent link: https://www.econbiz.de/10003507042