Search

Production structure and performance indicators A. Production structure Per cent share of GDP at factor costs (constant prices) [1] 1979 Agriculture 1.7 Mines, quarries and oil wells 4.2 Manufacturing 18.7 [...]

Overview The Australian economy has continued to grow strongly, despite the cyclical downturn which hit most OECD countries in the second half of 2001 and in 2002. GDP is estimated [...]

This paper presents estimates of the cyclical fluctuations of price-cost margins, following an extended version of the Rotemberg and Wood ford (1991) approach. The results support the hypothesis of counter-cyclical [...]

Demand and production slowed sharply in late 2000 and then began to fall last summer Following three years of growth in excess of 4 per cent, activity remained strong in [...]

The effect of monetary and fiscal policies on long-term economic growth Australia's monetary and fiscal policies are set in a medium-term framework. The objective of the Reserve Bank (RBA) is [...]

Skilful policy actions limited the extent and duration of last year's economic downturn. A rapid monetary easing -- both before and after the events of 11 September -- combined with [...]

After a short and shallow recession... The US economy entered recession in the first half of 2001, with employment falling and industrial production continuing the slide it had begun in [...]

In the past year, the authorities have been faced with the most pronounced slowdown in 1output seen in the past decade followed by a need to react to a significant [...]

INTRODUCTION The threat of global warming confronts the world economy with the potential need for a major restructuring of energy markets. The preceding paper by Martin et al. illustrated that [...]

REAL INTEREST RATE TRENDS: THE INFLUENCE OF SAVING, INVESTMENT AND OTHER FACTORS INTRODUCTION This paper examines the implications for real interest rates of developments in global saving and investment. Looking [...]

IS P-STAR A GOOD INDICATOR OF INFLATIONARY PRESSURE IN OECD COUNTRIES? INTRODUCTION The P-star (P ☆) concept was first developed by the U.S. Federal Reserve as a simple, yet comprehensive, [...]

Monetary policy has been one of the main pillars of the post-2001 stabilisation programme. The Central Bank was made an operationally independent institution with a legal mandate to achieve price [...]

Key aspects of market structure and state involvement by sector The role of the state in each sector Oil and gas extraction State-controlled Statoil has an important share. Other state [...]

In an empirical investigation, the paper identifies the main political economy drivers of structural policy changes in OECD countries' labour and product markets over the 1985-2003 and 1975-2003 periods respectively. [...]

This paper explores the impact of policies and institutions on unemployment in OECD countries over the past decades. Reduced-form unemployment equations, consistent with standard wage setting/price-setting models, are estimated using [...]

In recent years the US current account deficit has grown to the point that most observers consider its level to be already unsustainable. Yet it seems set to continue to [...]

TABLE OF CONTENTS Introduction Measurement issues Evidence on the impacts of ICT at the firm level Links between ICT and firm performance Impacts in services Factors that affect the impact [...]

There is growing concern that long-run sustainable development may be compromised unless countries take measures to achieve balance between economic, environmental and social outcomes. This chapter looks at three issues [...]

Introduction Migration has played a crucial role in the development of Australia's society and economy. The nature of migration flows has for a long time been the subject of deliberate [...]

Overview An extended period of real convergence in living standards towards the euro area average came to a halt in 2000 and the Portuguese economy continued to slow down in [...]

Despite continuing deflation and weakness in the financial sector, the Japanese economy has recovered at a moderate pace since early 2002, led by a sharp increase in exports. The weak [...]

This paper compares the impact of ICT capital accumulation on output growth in Australia, Canada, Finland, France, Germany, Italy, Japan, the United Kingdom and the United States. The analysis uses [...]

After a severe financial crisis and deep recession in 2001, Turkey's policy goal is to enter a sustained recovery while taking measures to address the root causes of the crisis. [...]

Overview The Swedish economy slowed significantly in 2001. At 1 1/4 per cent, the expansion of output was well below its estimated potential rate of 2 1/4 to 2 1/2 [...]

After slowing down through much of the decade, the Italian economy grew strongly in 2000. Employment rose and unemployment fell. Business and household confidence continued to be high for most [...]

Productivity growth, along with employment, is the motor that drives higher living standards. Indeed, for the coming century, this probably will be the only factor contributing to rising living standards [...]

An aggregate tax burden under control The total amount of tax revenue raised in the United States has increased only modestly over the past 35 years relative to GDP. Two [...]

Prices, wages and finance 1995 1996 1997 1998 Prices (1990 = 100) Consumer prices, all items 100.0 101.6 103.2 104.2 of which: Food 100.0 101.3 102.9 104.6 Non-food 100.0 101.7 [...]

INTRODUCTION Fixed exchange rate regimes are vulnerable to periodic crises, which can lead to devaluations or regime shifts. From a policy perspective, an important question is whether changes in exchange [...]

The economic recovery in the United Kingdom which started in early 1992 gathered pace in the first half of 1994. Macroeconomic performance in 1994 was impressive on a broad front. [...]

Following a long process of restructuring, the New Zealand economy is now growing strongly. Activity began to recover in mid-1991, led by a surge in exports, reflecting the competitiveness gains [...]

INTRODUCTION The stock market has an important role in the allocation of resources, both directly as a source of funds and as a determinant of firms' value and borrowing capacity. [...]

INTRODUCTION There is widespread concern that climate change leading to global warming may be occurring and that this could involve costs that would warrant an internationally negotiated response to deal [...]

STOCK MARKET VOLATILITY IN OECD COUNTRIES: RECENT TRENDS, CONSEQUENCES FOR THE REAL ECONOMY, AND PROPOSALS FOR REFORM INTRODUCTION This paper characterises the historical experience of volatility in major equity markets [...]

V. Conclusions Following three and a half years of excessively rapid nominal income growth and the emergence of excess demand, the U.K. economy slipped into sharp recession towards mid-1990. Output [...]

BUSINESS INVESTMENT: RECENT PERFORMANCE AND SOME IMPLICATIONS FOR POLICY Robert Ford and Pierre Poret Table : CONTENTS Introduction 80 I. The evolution of business fixed investment 80 II. The determinants [...]

The banking reform seeks to strengthen the banking system as it adapts to a low inflation environment. Banks have become used to easy profits, via unhedged foreign borrowing to finance [...]

Turkey, like other fast-growing emerging countries, has significantly improved its terms of integration with the global capital market before as well as after the international crisis. Emerging markets' risk premia [...]

Turkey is recovering from its most severe recession in several decades. The massive contraction in GDP is largely explained by the unprecedented collapse in foreign demand, which was aggravated in [...]

Income distribution in Finland remains among the most equitable in the OECD, although, as in a number of other countries, disparities have widened considerably over the past decade. While the [...]

Maintaining high participation and employment in the face of the current recession and a rapidly ageing population are major challenges for policy makers. The recession of the early 1990s showed [...]

Despite substantial income from petroleum wealth, Norway is nevertheless confronted with fiscal challenges in the long term. The number of older persons (aged 67 and above) is projected to almost [...]

The potential growth rate of the economy has been low for a long time and the crisis has had a further adverse impact. The meagre growth performance mainly reflects low [...]

Past consolidation has allowed the automatic stabilisers operate fully during the crisis. Further fiscal easing in late 2008 and early 2009 contributed to a markedly widening fiscal deficit in 2010. [...]

Unemployment has fallen significantly prior to the crisis, not least due to past labour market reforms, and has remained surprisingly stable during this recession--both relative to past experience and vis-a-vis [...]

The macroeconomic policy framework that has been put in place over the 1990s with a view to re-establishing stability and thus enhancing economic performance has been put to the test [...]

Decisive action by the Swiss National Bank (SNB) since the outbreak of the crisis has supported financial stability and economic activity. A distinct monetary framework that directly targets the three-month [...]

Labour productivity decelerated markedly over the 1990s and into the current decade. One reason is the slowdown in capital deepening related to the trend increase in employment. Greater inclusion in [...]

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 [...]

Compulsory school education in Italy produces poor results in terms of 15-year olds' performance on PISA tests, compared with other OECD countries, despite a relatively high level of expenditure. While [...]