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The Economics Department has carried out a number of studies on the conduct and operation of monetary policy in the context of liberalised financial markets and price stability; the role of the exchange rate in monetary policy formulation and the effects of monetary policy on the real economy.
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21-Apr-2008
Compliance with the structural budget surplus rule, which has been in place since 2001, has allowed the government to maintain a counter cyclical fiscal stance in an environment of rising copper prices, while delivering a gradual reduction in public indebtedness. Monetary policy is conducted within a framework that combines inflation targeting with exchange rate flexibility. This paper relates to the 2007 Economic Survey of Chile (www.oecd.org/eco/surveys/chile).
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11-Apr-2008
The strong and sustained rise in oil prices observed in recent years poses a challenge to monetary policy and its ability to simultaneously achieve low inflation and stable output. Against this background, the paper studies monetary policy in a small open economy New Keynesian DSGE model including oil as a production input and a component of final demand.
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07-Apr-2008
Despite the longest economic expansion in its post-war history, Japan faces many challenges. Perhaps most urgent is addressing the fiscal situation through comprehensive tax reform. There is also significant scope for policies to accelerate productivity growth in the service sector, which has lagged behind manufacturing. In addition, measures to reverse the rise in labour market dualism would be beneficial for both growth and equity.
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20-Mar-2008
Inflation in US and Europe is at uncomfortable levels as economies slow, the OECD says in its latest interim assessment. But in contrast to the US, the near-term outlook for the euro area does not point to the need for policy stimulus.
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12-Mar-2008
Switzerland has had a long standing surplus on its current account. But over the past 15 years that surplus has surged to levels unmatched by nearly any other OECD country at any point. This paper looks at the surplus from a balance of payments vantage point as well as from the optic of the excess of national saving over domestic investment. This Working Paper is largely extracted from the 2007 OECD Economic Survey of Switzerland (www.oecd.org/eco/survey/switzerland).
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