The output gap ought to be a key input in short-term policy-making because it provides a summary measure of economic slack, so allowing policy-makers to anticipate inflationary pressures. It can also be used to estimate cyclically-adjusted measures of the fiscal balance, to provide a better assessment of fiscal sustainability.
There is strong international evidence that trade liberalisation and increased international integration are key elements of a successful growth strategy. Exposure to international competition, sourcing internationally and learning by exporting accelerates technological upgrading and fosters productivity growth.
Inequality measures in Lithuania (like in Estonia and Latvia) are high. To an important extent this is related to the high risk of poverty for non-working individuals and to the low rewards to work. Therefore, increasing the quality of jobs, ensuring that the most vulnerable have access to employment and providing adequate income support for those that have lost their job are key for making labour markets and the economy more inclusive.
The economic consequences of Brexit: A taxing decision
Norway puts a high priority on maintaining high levels of well-being in rural communities, many of which are in remote and challenging environments. While it is broadly successful in achieving this goal, it comes at a high price, most notably in the form of substantial support to farmers. Is there a better way?
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The falling ratios of workers to retirees in many OECD countries are jeopardising their old-age pension systems. Similarly, the rise in life expectancy and chronic medical conditions are pushing up health expenditures. Demand for education is also high, as productivity gains will need an increasingly educated workforce to be sustained.
L’économie hongroise se développe mais des réformes s’imposent pour stimuler les compétences, l’investissement productif et les revenus.
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Jean-Marc Fournier - Curriculum Vitae
This paper reviews the main issues related to the short-term impact of structural reforms in different macroeconomic contexts and takes stock of existing theoretical and empirical studies.