OECD countries are ageing with resulting fiscal pressures. OECD countries can adopt a number of strategies in response, including modifying expenditure plans, increasing growth, raising taxes in the future or undertaking activities to pre-fund the future liabilities. The appropriate policy...

The International Monetary Fund (IMF) is a cooperative institution established to meet the common objectives of international financial stability and economic growth. The IMF's legitimacy and effectiveness in fulfilling these objectives depends critically on its ability to adequately represent...

China’s economic transformation since 1978 has been remarkable. At the commencement of the reform period, China’s per capita GDP was lower than India’s, Pakistan’s, Indonesia’s, and Thailand’s, and about 3 per cent of that of the US. Today, it is multiples above Indian, Pakistani and...

As in all the other major economies, China’s macroeconomic policy framework was put to the test during the global financial crisis. China applied one of the world’s largest stimulus packages. The package provided a very rapid boost to activity in the Chinese economy, with empirical evidence...

While previous terms of trade booms have tended to be short lived, there are reasons to believe that the current boom could be more enduring. This paper considers the implications for the Australian economy in the event that recent rises in the terms of trade are sustained, with a focus on...

Each of the main explanations of procyclical labor productivity, or short-run increasing returns to labor (SRIRL), is closely associated with a competing theory of the business cycle: Real business cycle theorists attribute SRIRL to procyclical technological shocks, proponents of recent theories...