This paper provides new empirical results linking financial and housing wealth to household consumption for the United States, Japan and the euro area.
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General assessment from Economic Outlook No. 89, May 2011.
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The recovery is projected to strengthen in the near term, but there are concerns about the longer-term legacy of the crisis, particularly because of the emergence of unsustainable fiscal imbalances as well as the possible damage to long-term growth prospects.
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Increasing international capital flows can support long-term income growth through a better international allocation of saving and investment.
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Given the slack remaining in economic activity and labour utilisation, together with still-anchored inflation expectations, aggregate demand policies have a role to play in supporting the economic recovery and stimulate jobs.
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The OECD Economic Outlook first appeared six years after the Organisation started its activities, in 1967.
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Increased international capital flows can support long-term income growth through a better international allocation of saving and investment.
This paper reviews key policy messages and warnings about developments in the run-up to the global financial and economic crisis that began in mid-2007.
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Aggregate demand policies have a role to play in supporting the economic recovery and stimulate jobs. Enhancing vocational training is desirable, even if beefing-up such programmes may be difficult in countries facing large budget deficits or with limited training infrastructure.
This paper presents an empirical analysis of the determinants of inflation in the United States, Japan, the euro area and the United Kingdom, focusing on the role of resource utilisation, inflation expectations, inflation persistence and imported inflation.