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Malaysia has sustained over four decades of rapid, inclusive growth, reducing its dependence on agriculture and commodity exports to become a more diversified, modern and open economy.
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Certain growth-promoting policies can have negative side-effects by increasing the vulnerability of economies to financial crises. Typical examples are greater openness to financial flows or more liberalised financial markets.
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This paper explores the relationship between policy settings and extreme positive and negative growth events, what we call GDP tail risks, using quantile regression methods.
This paper firstly describes the role of models in producing OECD global macroeconomic forecasts; secondly, reviews the OECD's forecasting track record; and finally, considers the relationship between forecast performance and models.
This paper seeks to provide up to date financial conditions indices for six countries, France, Germany, Italy, Japan, the United Kingdom and the United States, as well as the euro area, updating earlier results by the OECD.
This paper compares the short-term forecasting performance of state-of-the-art large-scale dynamic factor models (DFMs) and the small-scale bridge models routinely used at the OECD.
The OECD framework for estimating potential output is combined with previous OECD empirical research to analyse the causes of recent weak productivity growth.
Brazil remains a fairly closed economy, with small trade flows relative to its share of world income. This paper explores the effects of three possible policy reforms to strengthen Brazil’s integration into global trade: a reduction in import tariffs, less local content requirements and a full zero-rating of exports in indirect taxes.
Estimates of the output gap ought to be a useful guide for macroeconomic policy, both for assessing inflationary pressures and fiscal sustainability, but their reliability has been called into question by the large revisions which they are often subject to, particularly around turning points.
This paper compares two competing empirical specifications across all OECD economies, where competing specifications correspond to the 'former' and 'new' specification for deriving measures of the unemployment gap which underlie the OECD’s Economic Outlook projections.