Working Papers


19-September-2012

English

Tackling Turkey’s external and domestic macroeconomic imbalances

Effective macroeconomic and structural policies helped Turkey bounce back quickly and strongly from the global crisis, with annual growth averaging close to 9% over 2010-11

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30-July-2012

English

Avoiding debt traps: financial backstops and structural reforms

In this paper we develop a simple analytical framework to analyze “good” and “bad equilibria” in public-debt and growth dynamics.

30-July-2012

English

Implications of output gap uncertainty in times of crisis

This paper analyses the monetary and fiscal policy implications of output gap estimates in times of crisis. The widening of output gaps observed in major OECD economies in the wake of the recent crisis has been mainly due to total factor productivity gaps, except in the United States where it essentially resulted from a large increase in the unemployment gap.

6-July-2012

English

Avoiding debt traps: financial backstops and structural reforms

In this paper we develop a simple analytical framework to analyze “good” and “bad equilibria” in public-debt and growth dynamics.

2-July-2012

English

Europe's new fiscal rules

Europe is putting in place a new system of fiscal rules following the euro area sovereign debt crisis and decades of rising government to debt-to-GDP ratios. These include the so-called "six pack" to upgrade the Stability and Growth Pact to a new Treaty incorporating the "fiscal compact".

11-June-2012

English

Credit crises and the shortcomings of traditional policy responses

Economic downturns which have their roots in preceding credit excesses and debt overhang have tended historically to be long lasting, whether the financial sector remained healthy or not.

30-May-2012

English

Ensuring debt sustainability amid strong economic uncertainty in Hungary

Despite a deep recession in 2009 and weak growth in subsequent years, Hungary’s fiscal position compares favourably with many other OECD countries.

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3-May-2012

English

Options for benchmarking infrastructure performance

Three main approaches can be used to assess infrastructure performance. The first employs macro econometric techniques to estimate the impact of the existing infrastructure capital stock on growth and to infer its growth maximising level.

3-May-2012

English

Bringing Belgian public finances to a sustainable path

Economic growth is projected to be strengthening from mid-2011 onwards, but will be insufficient to restore the sustainability of public finances.

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10-April-2012

English

Tax reform in Norway: a focus on capital taxation

Norway’s dual income tax system achieves high levels of revenue collection and income redistribution, without overly undermining economic performance and while paying attention to environmental externalities.

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