Working Papers


  • 31-May-2011

    English

    Adjusting fiscal balances for asset price cycles

    This paper develops a method for adjusting structural budget balances for asset price cycles and presents estimates of structural budget balances corrected for house-price and equity-price cycles for OECD countries.

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  • 26-April-2011

    English

    Policy frameworks in the post-crisis environment

    The financial crisis revealed flaws in pre-crisis policy frameworks.

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  • 15-April-2011

    English

    Global imbalances, exchange rate pegs and capital flows: a closer look

    This paper presents a stylised model in which either a savings glut or an exchange rate peg in emerging economies drives down the level of interest rates in advanced economies and, when it hits the zero-rate bound, produces a welfare loss.

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  • 22-March-2011

    English

    Drivers of homeownership rates in selected OECD countries

    Homeownership rates have increased significantly in many OECD countries over recent decades.

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  • 22-March-2011

    English

    Restoring fiscal sustainability in Spain

    Spain’s government has introduced ambitious consolidation measures, which should yield a sizeable improvement in discretionary fiscal efforts.

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  • 22-February-2011

    English

    Strengthening the macroeconomic policy framework in South Africa

    South Africa’s macroeconomic framework has served the economy well, but should be strengthened to make the economy more resilient to external shocks.

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  • 2-February-2011

    English

    Increasing public sector efficiency in Slovakia

    Raising efficiency in tax collection (notably VAT) is urgently needed, plans to unify the collection of tax and social security contributions should be implemented swiftly and drawing on EU funds needs to become more efficient.

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  • 18-January-2011

    English

    Improving the flexibility of the Dutch housing market to enhance labour mobility

    The housing market figures among the main determinants of labour mobility, as households seldom make employment and housing decisions independently of each other.

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  • 17-December-2010

    English

    Reforming China’s monetary policy framework to meet domestic objectives

    As a result of reforms and financial sector development, the People’s Bank of China (PBoC) now exerts significant control over money market interest rates.

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  • 16-December-2010

    English

    Real house prices in OECD countries: the role of demand shocks and structural and policy factors

    This paper analyses the factors influencing the level and volatility of real house prices in a panel of OECD countries over the period 1980-2005.

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