19-September-2012
English
This paper illustrates possible trade-offs between two different fiscal consolidation strategies in Portugal: sticking to the nominal fiscal targets in the EU-IMF programme or allowing automatic stabilisers to work, while sticking to the structural primary deficit targets implied by the programme.
30-July-2012
English
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
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
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 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
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
Despite a deep recession in 2009 and weak growth in subsequent years, Hungary’s fiscal position compares favourably with many other OECD countries.
3-May-2012
English
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
Economic growth is projected to be strengthening from mid-2011 onwards, but will be insufficient to restore the sustainability of public finances.
12-April-2012
English
The economic and financial crisis was the catalyst for a fiscal crisis that engulfs many OECD countries. Consolidating public finances in order to address the consequences of the crisis, underlying weaknesses and also future spending pressures creates important challenges. Fiscal consolidation requires choices to be made about how much consolidation is needed, how fast it should be implemented and which instruments should be used.