This paper estimates the elasticities of government revenue and expenditure items with respect to the output gap for European Union (EU) countries. These elasticities are used by the European Commission, as part of the EU fiscal surveillance process, to calculate the semi-elasticity of the budget balance as a percentage of GDP with respect to the output gap.
The economy is adjusting to the post mining-boom era. Long-term prosperity requires macroeconomic policy settings and structural reforms to focus on ensuring a successful rebalancing of economic activity towards non-resource sectors.
English, PDF, 1,155kb
In a majority of OECD countries, GDP growth over the past three decades has been associated with growing income disparities. To shed some lights on the potential sources of trade-offs between growth and equity, this paper investigates the long-run impact of structural reforms on GDP per capita and household income distribution.
G20 GDP growth picks up to 0.9% in the third quarter of 2014
English, PDF, 549kb
As environmental pressures continue to rise, governments throughout the OECD area have not been sitting back. If anything, the stringency of their policy measures has been increasing on the whole, not least to combat pollution and climate change. And as the evidence shows, stringent environmental policies can be introduced without hurting overall productivity.
Do environmental policies matter for productivity growth? This study presents new evidence on the role of environmental policies – stringency, as well as design and implementation features - for productivity growth.
Composite leading indicators point to continued loss of growth momentum in Europe
The analysis suggests that over the next 50 years, the geographical centre of trade will continue to shift from OECD to non-OECD regions reflecting faster growth in non-OECD countries.
While past labour market reforms have been successful in terms of employment, the relative poverty risk and income inequality have remained broadly unchanged in recent years.
OECD annual inflation stable at 1.7% in October 2014