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Composite leading indicators (CLIs), designed to anticipate turning points in economic activity relative to trend, point to diverging patterns across major economies. The CLIs point to moderate improvements in growth in most major OECD economies but in large emerging economies the CLIs point towards stabilising or slowing momentum.
Real GDP in the OECD area rose by 0.4% in the first quarter of 2013, compared with flat growth registered in the previous quarter. Private consumption was the main contributor to overall GDP growth with 0.3 percentage point, while net exports and stockbuilding contributed 0.1 percentage point each.
This paper develops a simple model-based framework for stress testing fiscal consolidation strategies
under different scenarios of future shocks
This paper provides empirical analysis that measures the cyclical properties of intergovernmental transfers (or grants). Modelling a fiscal policy reaction function this paper tests whether the transfers systems in OECD countries are pro- or counter-cyclical, i.e. whether they offset cyclical fluctuations of sub-central economies or, on the contrary, exacerbate them.
Fiscal rules that constrain sub-central government (SCG) budgeting are very common across the OECD, but there are substantial cross-country differences in their implementation and impact. This paper presents the 2011 update of the fiscal rules database established in 2005.
This paper provides an overview of fiscal consolidation efforts at the central and sub-central government level, both during the current and past consolidation episodes.
The 2011 disaster and nuclear problems opened the door to a new energy policy, as they raised
fundamental questions about the electricity system’s ability to prevent and respond to accidents.
Labour market reform to improve growth prospects and reduce inequality is a top priority in the face of rapid population ageing and a dualistic labour market. Sustaining output growth requires policies to mitigate the impact of rapid population ageing by increasing labour inputs from under-employed segments of the population.
This study proposes a structured approach to selecting instruments of fiscal consolidation that are consistent with growth, equity and global-rebalancing objectives, which is then illustrated with a particular application.
The rapid expansion of education in Korea is exceptional and has played a key role in its economic
development. Sustaining Korea’s growth potential in the face of demographic headwinds requires further
improving the education system to boost productivity growth.