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  • UB Potsdam  (15)
  • Abgeordnetenhaus Berlin
  • GB Fredersdorf-Vogelsdorf
  • SB Wriezen
  • Kennedy, Mike  (15)
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  • 1
    Online Resource
    Online Resource
    What Promotes Fiscal Consolidation : OECD Country Experiences (2007)
    Paris : OECD Publishing
    Details
    UID:
    gbv_730021335
    Format: 38 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.553
    Content: Fiscal consolidation is required in most OECD countries. This is especially so in view of mediumand long-term spending pressures on public finances, related, inter alia, to ageing. Based on a dataset covering a large number of OECD fiscal consolidation episodes starting in the late 1970s, the paper presents evidence, both descriptive and econometric, on macroeconomic conditions and policy set-ups that have been effective in triggering and sustaining fiscal consolidation. Main findings include: Large initial deficits and high interest rates have been important in prompting fiscal adjustment and also in boosting the overall size and duration of consolidation. Concerning the quality of fiscal policies, an emphasis on cutting current expenditures has been associated with overall larger consolidation. Fiscal rules with embedded expenditure targets tended to be associated with larger and longer adjustments, pointing to institutional features playing a potentially important role in generating successful consolation efforts. Experience across countries also shows that certain design features such as transparency, flexibility to face shocks and effective enforcement mechanisms seem important for the effectiveness of fiscal rules.
    Language: English
    DOI: 10.1787/180833424370
    URL: Volltext
    URL: lizenzpflichtig
    Author information: Wurzel, Eckhard 1957-
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    UB Potsdam
  • 2
    Online Resource
    Online Resource
    Réformes structurelles : La solution aux déséquilibres internationaux des paiements courants ? (2006)
    Paris : OECD Publishing
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    Details
    UID:
    gbv_730010090
    Format: 40 p
    ISSN: 1684-3444
    Content: Compte tenu des disparités actuelles de taux de croissance relatifs et de soldes des paiements courants entre économies de l’OCDE, l’incidence des réformes structurelles sur les déséquilibres extérieurs est un thème qui suscite beaucoup d’intérêt. Les responsables de la politique économique, en particulier, se demandent ce qui doit et peut être fait pour résoudre ce problème.
    In: OECD, Revue économique de l'OCDE, Paris : OCDE, 1998, Vol. 2005, no. 2, p. 53-81, 1684-3444
    Additional Edition: Parallelausg. Are structural reforms the answer to global current account imbalances?
    Language: French
    DOI: 10.1787/eco_studies-v2005-art3-fr
    URL: Volltext
    URL: lizenzpflichtig
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    UB Potsdam
  • 3
    Online Resource
    Online Resource
    Are structural reforms the answer to global current account imbalances? (2006)
    Paris : OECD Publishing
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    UID:
    gbv_73001519X
    Format: 37 p
    ISSN: 1995-2856
    Content: The impact of structural reforms on external imbalances has attracted considerable attention in view of the existing constellation of relative growth rates and current account balances among OECD economies. Not least among policy makers, what should and can be done to help solve the problem has been discussed extensively.
    In: OECD, OECD journal: economic studies, Paris : Organisation for Economic Cooperation & Development, 2008, Vol. 2005, no. 2, p. 47-73, 1995-2856
    Additional Edition: Parallelausg. Réformes structurelles : La solution aux déséquilibres internationaux des paiements courants ?
    Language: English
    DOI: 10.1787/eco_studies-v2005-art10-en
    URL: Volltext
    URL: lizenzpflichtig
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  • 4
    Online Resource
    Online Resource
    Explaining risk premia on bonds and equities (2006)
    Paris : OECD Publishing
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    UID:
    gbv_730015726
    Format: 18 p
    ISSN: 1995-2856
    Content: Between 2002 and early 2005 risk premia for a number of asset classes across broad geographical areas not only fell substantially but also tended to move more closely together than they had done historically. This raises the question to what extent this apparent reduced investor discrimination across asset classes went beyond what can be accounted for by market-specific developments. In particular, the reduced discrimination among asset classes could suggest that factors other than market- or country-specific events have played a role in narrowing risk premia.
    In: OECD, OECD journal: economic studies, Paris : Organisation for Economic Cooperation & Development, 2008, Vol. 2005, no. 1, p. 111-125, 1995-2856
    Language: English
    DOI: 10.1787/eco_studies-v2005-art5-en
    URL: Volltext
    URL: lizenzpflichtig
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  • 5
    Online Resource
    Online Resource
    Corporate sector vulnerability and aggregate activity (2006)
    Paris : OECD Publishing
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    UID:
    gbv_729993736
    Format: 28 p
    ISSN: 1995-2856
    Content: The health of a firm’s balance sheet potentially plays a role in its decisions to invest and through that channel, aggregate activity can be affected. Several authors have established a theoretical link based on the notion that the value of equity can be collateralised for business loans used to fund capital accumulation. In some of these models, it is possible to demonstrate that there is a financial accelerator that can amplify the business cycle by more than what could be explained by, for instance, an interest rate channel.
    In: OECD, OECD journal: economic studies, Paris : Organisation for Economic Cooperation & Development, 2008, Vol. 2005, no. 1, p. 85-110, 1995-2856
    Language: English
    DOI: 10.1787/eco_studies-v2005-art4-en
    URL: Volltext
    URL: lizenzpflichtig
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  • 6
    Online Resource
    Online Resource
    Asset Prices and Monetary Policy (1998)
    Paris : OECD Publishing
    Details
    UID:
    gbv_730029794
    Format: 34 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.188
    Content: In this paper, the authors analyse the role of asset market prices in the formation of monetary policy with particular reference to equity markets, a concern for policy makers in the late 1990s. While asset prices have potentially valuable supplementary information for monetary policy makers, they are hard to interpret because of their inherent volatility. Dilemmas arise when asset price movements are large and there are no signs of inflation pressures. Waiting until speculative pressures run their course risks both contagion to other sectors and assets and potentially damaging fallout from a correction. Tightening monetary policy in these circumstances (perhaps to avoid potential fallout on other sectors) would be difficult to justify to the public. In the current situation of low inflation (late 1997), various valuation measures suggest that equity markets are over-valued in the United States, Canada and Italy. Other countries are either at more intermediate positions ...
    Language: English
    DOI: 10.1787/152217364457
    URL: Volltext
    URL: lizenzpflichtig
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  • 7
    Online Resource
    Online Resource
    Recent House Price Developments : The Role of Fundamentals (2006)
    Paris : OECD Publishing
    Details
    UID:
    gbv_729993949
    Format: 61 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.475
    Content: In the vast majority of OECD economies, house prices in real terms have been moving up strongly since the mid-1990s. Because of the important role housing wealth has been playing during the current upswing, this paper will look more closely at what is underlying these developments for 18 OECD countries over the period from 1970 to the present, with a view to shedding some light on whether or not prices are in line with fundamentals. The paper begins by putting the most recent housing price run-ups in the context of the experiences of the past 35 years. It then examines current valuations against a range of benchmarks. It concludes with a review of the links between a possible correction of housing prices and real activity. The main highlights from this analysis are as follows: 1) The size and duration of the current real house price increases; the degree to which they have tended to move together across countries; and the extent to which they have disconnected from the business cycle are unprecedented. 2) Overvaluation of real house prices may only apply to a relatively small number of countries. However, the extent to which these prices look to be fairly valued depends largely on longer-term interest rates remaining at or close to their current low levels. 3) If house prices were to adjust downward, the historical record suggests that the drops might be large and that the process could be protracted, given the observed stickiness of nominal house prices and the current low rates of inflation.
    Language: English
    DOI: 10.1787/864035447847
    URL: Volltext
    URL: lizenzpflichtig
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  • 8
    Online Resource
    Online Resource
    International Implications of European Economic and Monetary Union (1997)
    Paris : OECD Publishing
    Details
    UID:
    gbv_729995828
    Format: 44 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.174
    Content: For a long time European Economic and Monetary Union was mainly considered an internal European issue and external consequences were largely ignored. In contrast to most previous analyses, this paper looks at a number of international implications of monetary union. It is argued that several factors could contribute to the euro becoming an international currency in the future and a competitor to the US dollar in this respect. The degree of uncertainty attached to this outcome, however, remains considerable and in any event the emergence of the euro as a major international currency is likely to take some time. Given the expected size of the euro-zone and the likelihood of the euro becoming an international currency, fiscal and monetary policies in the area are likely to have a significant impact on the macroeconomic environment in the rest of the world. An important issue is how will monetary union affect major bilateral exchange rate developments and their volatility. A number of ...
    Language: English
    DOI: 10.1787/557406211626
    URL: Volltext
    URL: lizenzpflichtig
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  • 9
    Online Resource
    Online Resource
    Differences in Resilience Between the Euro-Area and US Economies (2004)
    Paris : OECD Publishing
    Details
    UID:
    gbv_729996999
    Format: 35 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.382
    Content: This paper is concerned with how stylised differences in monetary policy transmission mechanisms and product and labour market rigidities between the US and euro-area economies affect their resilience to temporary shocks. To address this issue, a small general equilibrium model with long-run neoclassical and short-run neo-Keynesian features is calibrated to replicate the key properties of the US economy (as in the US Fed’s FRB-US model). To this model, features of the euro area’s financial and then product and labour markets are added sequentially with a view to replicating what is generally agreed are aspects of the functioning of the euro-area economy (as captured by the ECB’s Area-Wide Model). Most of the analysis is conducted assuming identical monetary policy reaction functions, although the sensitivity of the results to this assumption is tested. The results illustrate the importance of adjustment patterns in financial, product and labour markets for economies’ ...
    Language: English
    DOI: 10.1787/765432685773
    URL: Volltext
    URL: lizenzpflichtig
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  • 10
    Online Resource
    Online Resource
    Structural Policy Reforms and External Imbalances (2005)
    Paris : OECD Publishing
    Details
    UID:
    gbv_729975878
    Format: 25 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.415
    Content: It has been argued that one solution to global current account imbalances is for countries with current account surpluses to undertake structural reforms. This would raise their potential growth, which is assumed to put downward pressure on the current account position. This paper takes a closer look at how such structural reforms in labour markets, product markets, and financial markets could be expected to affect current accounts. It also tests empirically, using pooled time-series techniques (that control for the influence of relative cyclical positions, government fiscal balances and the real exchange rate), whether or not reforms in these areas would have any significant relationship with current accounts. The overall finding is that indicators of structural reforms do have a significant relationship with the current account but the contribution of these variables to explain current account positions is quite limited ...
    Language: English
    DOI: 10.1787/874440708453
    URL: Volltext
    URL: lizenzpflichtig
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