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The wealth distribution within OECD countries is very concentrated and much more so than the income distribution. Wealth dispersion is especially high in the United States and Sweden.
The assessment is little changed compared to last month for most countries, but the CLIs for Japan, United States and Russia are showing stronger signs of a positive change in momentum and remain above long-term trend.
OECD countries face daunting fiscal challenges following the substantial surge in debt-GDP ratios during the past four years, from already high levels in many cases.
Over the past decades, top incomes have soared, especially in the English-speaking countries. Despite a considerable amount of research on top income developments, there is still substantial disagreement about the causes for their rapid increase.
Taxes and transfers reduce inequality in disposable income relative to market income. The effect varies, however, across OECD countries.
The global economic and financial crisis exacerbated the need for fiscal consolidation in many OECD countries.
The economic and financial crisis was the catalyst for a fiscal crisis that engulfs many OECD countries. In most countries, budget deficits soared as a result of the economic slump, weaker revenues and the policy response to the crisis.
During the economic and financial crisis, fiscal positions across the OECD countries deteriorated sharply. This raises the question of what level of primary deficit would ensure long-term sustainability and what degree of consolidation is needed.
Countries differ widely with respect to the level of labour income inequality among individuals of working age. Labour income inequality is shaped by differences in wage rates, hours worked and inactivity rates.
This paper takes a fresh look at the nature of financial and real business cycles in OECD countries using annual data series and shorter quarterly and monthly economic indicators.