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Growth-promoting policies and macroeconomic stability
Sutherland, Douglas; Höller, Peter - 2013
Policy reforms aimed at boosting long-run growth often have side effects – positive or negative – on an economy’s vulnerability to shocks and their propagation. Macroeconomic shocks as severe and protracted as those since 2007 warrant a reconsideration of the role growth-promoting policies...
Persistent link: https://www.econbiz.de/10010231015
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Economic resilience : the usefulness of early warning indicators in OECD countries
Hermansen, Mikkel Nørlem; Röhn, Oliver - 2015
The global financial crisis and the high associated costs have revived the academic and policy interest in “early warning indicators” of crises. This paper provides empirical evidence on the usefulness of a new set of vulnerability indicators, proposed in a companion paper (Röhn et al.,...
Persistent link: https://www.econbiz.de/10011399585
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Debt and macroeconomic stability : debt and the business cycle
Ziemann, Volker - 2012
impact of debt on volatility and higher moments of output growth distributions. This paper fills in this gap. Debt … cycles in high-debt environments reflects higher macroeconomic volatility but also higher tail risks and adverse asymmetries …
Persistent link: https://www.econbiz.de/10009696437
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Advance warning indicators of past severe GDP per capita recessions in Turkey
Röhn, Oliver - 2016
The global financial crisis and its high economic and social costs have revived academic and policy interest in “early warning indicators” of crises. This paper aims to investigate the performance of vulnerability indicators as advance warning indicators of past severe GDP per capita...
Persistent link: https://www.econbiz.de/10011577964
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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. - 2012
This paper investigates the existence of significant spillovers from the housing sector onto the wider economy for the seven major OECD countries using Uhlig's (2005) agnostic identification procedure. This method allows a housing demand shock to be identified in a six-variable VAR model by...
Persistent link: https://www.econbiz.de/10009690177
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Economic resilience : a new set of vulnerability indicators for OECD countries
Röhn, Oliver; Caldera Sánchez, Aida; Hermansen, … - 2015
The high costs of crises underscore the need to strengthen the resilience of economies, notably by assessing early on potential vulnerabilities that can lead to such costly events. This paper first discusses the source and nature of potential vulnerabilities in OECD countries that can lead to...
Persistent link: https://www.econbiz.de/10011399583
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Debt and macroeconomic stability : case studies
Merola, Rossana - 2012
implications of high indebtedness for the macroeconomic volatility by identifying the main drivers of the evolution of debt in a … often rebounded during the phase of deleveraging. On the contrary, in a second group of countries, the higher volatility …
Persistent link: https://www.econbiz.de/10009696439
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Economic policies and microeconomic stability : a literature review and some empirics
Garda, Paula; Ziemann, Volker - 2014
The decline in macroeconomic volatility from the 1980s to the onset of the Great Recession did not, in general …, translate into more microeconomic stability. While microeconomic volatility can reflect growth-generating processes, such as … creative destruction and re-allocation of resources, consumption growth volatility weighs on households’ welfare. This study …
Persistent link: https://www.econbiz.de/10010374408
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Do structural policies affect macroeconomic stability?
Ziemann, Volker - 2013
Using a panel of OECD countries, this study assesses the linkages between structural policies and macroeconomic stability. Business cycle and time-series characteristics of GDP and its components are employed to define various measures for economic instability and for the persistence of adverse...
Persistent link: https://www.econbiz.de/10009769653
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Debt and macroeconomic stability
Sutherland, Douglas; Höller, Peter; Merola, Rossana; … - 2012
Debt levels have surged since the mid-1990s and have reached historic highs across the OECD. High debt levels can create vulnerabilities, which amplify and transmit macroeconomic and asset price shocks. Furthermore, high debt levels hinder the ability of households and enterprises to smooth...
Persistent link: https://www.econbiz.de/10009696443