Latest Documents


  • 12-August-2013

    English

    The benefits and costs of highly expansionary monetary policy

    How far to go – and to remain – in the direction of highly expansionary monetary policy hinges on the balance of marginal benefits and costs of additional monetary easing and its expected evolution over time. This paper sketches a framework for assessing this balance and applies it to four OECD economic areas: the euro area, Japan, the United Kingdom and the United States.

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  • 12-August-2013

    English

    The effectiveness of monetary policy since the onset of the financial crisis

    In the wake of the Great Recession, a massive monetary policy stimulus was provided in the main OECD economies. It helped to stabilise financial markets and avoid deflation. Nonetheless, GDP growth has been sluggish and in some countries lower than expected given the measures taken, and estimated economic slack remains large.

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  • 5-August-2013

    English

    Deleveraging: challenges, progress and policies

    In the run-up to the financial crisis, indebtedness of households and non-financial businesses rose to historically high levels in many OECD countries; gross debt of financial companies rose dramatically relative to GDP. Much of the debt accumulation appears to have been based on excessive risk-taking and exceptional macro-economic conditions and therefore not sustainable.

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  • 1-July-2013

    English

    Italy and the euro area crisis: securing fiscal sustainability and financial stability

    Italy’s policy of fiscal consolidation and growth-friendly structural reforms has substantially improved its economic prospects, but the adverse sentiment that the country has faced in the sovereign bond market over the past years has deep roots.

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  • 26-June-2013

    English

    Banks’ restructuring and smooth deleveraging of the private sector in Slovenia

    Slovenia is facing the legacy of a boom-bust cycle that has been compounded by weak corporate governance of state-owned banks. The levels of non-performing loans and capital adequacy ratios compare poorly in international perspective and may deteriorate further, which could require significant bank recapitalisation.

  • 21-February-2013

    English

    Housing, financial and capital taxation policies to ensure robust growth in Sweden

    Extensive structural reforms since the early 1990s have strengthened the resilience of the Swedish economy to shocks.

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  • 16-January-2013

    English, PDF, 456kb

    Economics Department Policy Note No. 16: Debt and macroeconomic stability

    Public and private debt levels are very high by historical standards. OECD-wide total financial liabilities now exceed 1 000% of GDP. High debt levels can create vulnerabilities, which amplify and transmit macroeconomic and asset price shocks.

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  • 17-October-2012

    English

    Portugal: rebalancing the economy and returning to growth through job creation and better capital allocation

    Low growth and huge current account deficits have characterised the Portuguese economy over the past decade.

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  • 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

    Towards green growth in Denmark: improving energy and climate change policies

    Denmark’s green growth strategy focuses on moving the energy system away from fossil fuels and investing in green technologies, while limiting greenhouse gas (GHG) emissions.

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