OECD Economics Department Working Papers

Does the Post-Crisis Weakness of Global Trade Solely Reflect Weak Demand?
1815-1973 (online)
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Working papers from the Economics Department of the OECD that cover the full range of the Department’s work including the economic situation, policy analysis and projections; fiscal policy, public expenditure and taxation; and structural issues including ageing, growth and productivity, migration, environment, human capital, housing, trade and investment, labour markets, regulatory reform, competition, health, and other issues.

The views expressed in these papers are those of the author(s) and do not necessarily reflect those of the OECD or of the governments of its member countries.

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Page: 1 (N° 1216) … , 19 (N° 314) , 20 (N° 264) , 21 (N° 214) … 25 (N° 13) | Next
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  N° 264   12 Oct 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/trade-and-growth_768732688342
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Trade and Growth
Robert E. Baldwin
The relationships between trade and growth have long been a subject of considerable controversy among economists. In the early post-World War II period, many economic leaders concluded that protective trade policies stimulated growth, and import substitution policies were widely adopted by...
  N° 263   12 Oct 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/growth-effects-of-education-and-social-capital-in-the-oecd-countries_882344562861
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Growth Effects of Education and Social Capital in the OECD Countries
Jonathan Temple
This paper surveys the empirical literature on the growth effects of education and social capital. The main focus is on the cross-country evidence for the OECD countries, but the paper also briefly reviews evidence from labour economics, to clarify where empirical work on education using macro...
  N° 262   12 Oct 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/human-capital-in-growth-regressions_750033432084
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Human Capital in Growth Regressions
Angel de la Fuente, Rafael Donénech
We construct a revised version of the Barro and Lee (1996) data set for a sample of OECD countries using previously unexploited sources and following a heuristic approach to obtain plausible time profiles for attainment levels by removing sharp breaks in the data that seem to reflect changes in...
  N° 261   31 Oct 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/raising-the-speed-limit_561481176503
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Raising the Speed Limit
Dale W. Jorgenson, Kevin J. Stiroh
This paper examines the underpinnings of the successful performance of the US economy in the late 1990s. Relative to the early 1990s, output growth has accelerated by nearly two percentage points. We attribute this to rapid capital accumulation, a surge in hours worked, and faster growth of...
  N° 260   12 Oct 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/summary-of-an-informal-workshop-on-the-causes-of-economic-growth_685184050123
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Summary of an Informal Workshop on the Causes of Economic Growth
Jonathan Temple
This paper provides a summary of an OECD workshop on the causes of economic growth, held 6-7 July 2000. The topics covered include the recent growth resurgence in the United States, the potential importance of ICT and the Internet, and the part played by continual reallocation and...
  N° 259   13 Oct 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/knowledge-technology-and-economic-growth_536435460443
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Knowledge, Technology and Economic Growth
Andrea Bassanini, Stefano Scarpetta, Ignazio Visco
In this paper we present an international comparison of growth trends in the OECD countries, with a special attention to developments in labour productivity - allowing for human capital accumulation – and multifactor productivity (MFP) - allowing for changes in the composition of fixed capital....
  N° 258   02 Oct 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/average-effective-tax-rates-on-capital-labour-and-consumption_247874530426
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Average Effective Tax Rates on Capital, Labour and Consumption
David Carey, Harry Tchilinguirian
Over the past 15 years, tax reforms have profoundly changed the shape of OECD tax systems and rekindled interest in measuring effective tax burdens. Indeed, in order to understand past reforms or to evaluate the tax policies of particular countries, it is necessary to go beyond statutory rates...
  N° 257   21 Sep 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/the-health-care-system-in-poland_265022143317
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The Health Care System in Poland
Nathalie Girouard, Yutaka Imai
This paper reviews the performance of Polish health care system from an economic perspective. High on the reform agenda of the government for several years, a new national health insurance system entered into force on 1 January 1999. This reform marked an important shift from a centrally...
  N° 256   29 Aug 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/public-expenditure-reform_207823881077
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Public Expenditure Reform
Vincent Koen
Health services are largely tax-financed in the United Kingdom and account for 14 per cent of general government spending. This paper analyses how the National Health Service (NHS) has been dealing with the associated expenditure pressures in the pre-1990 set-up and during the "quasi-market"...
  N° 255   03 Aug 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/regulatory-reform-in-road-freight-and-retail-distribution_254485547873
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Regulatory Reform in Road Freight and Retail Distribution
Olivier Boylaud
The purpose of this paper is to analyse regulatory developments in the road freight and retail distribution industries of OECD Member countries. For each industry, the analysis is divided into four parts. First, structural developments in the industry are outlined. Second, the main features of...
  N° 254   03 Aug 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/regulation-market-structure-and-performance-in-air-passenger-transportation_163610427241
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Regulation, Market Structure and Performance in Air Passenger Transportation
Rauf Gönenç, Giuseppe Nicoletti
The paper uses a data base on regulation, market structure and performance in the air passenger transportation industry, to analyse the links among liberalisation, private ownership, competition, efficiency and airfares at national and route levels. Covering the 1996-97 travel season, 21...
  N° 253   29 June 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/policy-interdependence-during-economic-transition_668888088480
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Policy Interdependence during Economic Transition
Joaquim Oliveira Martins, Tristan Price
This paper sets out a framework to analyse the interdependence of reforms in different policy areas during the transition process. It identifies four broad policy blocks related to liberalisation, stabilisation, exit and entry. The transition process in Slovakia is a case study of the striking...
  N° 252   23 June 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/e-commerce_801315684632
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Jonathan Coppel
E-commerce -- an application of the Internet -- has expanded exponentially over the past 5 years and is widely expected to continue to develop rapidly in the medium-term. Much, however, remains to be done to fully exploit the opportunities offered by e-commerce. And as e-commerce develops, it...
  N° 251   22 June 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/the-implementation-and-the-effects-of-regulatory-reform_413754754615
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The Implementation and the Effects of Regulatory Reform
Rauf Gönenç, Maria Maher, Giuseppe Nicoletti
This paper reviews trends, outcomes and issues in regulatory reform in OECD countries. First, it summarises the evidence on the evolution of regulatory environments and the economy-wide and sectoral effects of reforms (including privatisation) in both competitive and non-competitive industries...
  N° 250   22 June 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/the-concept-policy-use-and-measurement-of-structural-unemployment_785730283515
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The Concept, Policy Use and Measurement of Structural Unemployment
Pete Richardson, Laurence Boone, Claude Giorno, Mara Meacci, David Rae, David Turner
The structural rate of unemployment and associated non-accelerating inflation rate of unemployment (the NAIRU) are of major importance to the analysis of macro and structural economic developments, although in practice these concepts are not well defined and there is considerable uncertainty...
  N° 249   20 June 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/options-for-reforming-the-spanish-tax-system_406268363588
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Options for Reforming the Spanish Tax System
Isabelle Joumard, Aristomène Varoudakis
The recent tax reforms have improved incentives to work and removed barriers to the internationalisation of Spanish firms, and have helped to make the tax system simpler and more neutral, especially as regards saving. However, the structure of tax wedges, combined with significant labour market...
  N° 248   19 June 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/economic-growth-in-the-oecd-area_843888182178
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Economic Growth in the OECD Area
Stefano Scarpetta, Andrea Bassanini, Dirk Pilat, Paul Schreyer
This paper discusses growth performance in the OECD countries over the past two decades. Special attention is given to developments in labour productivity, allowing for human capital accumulation, and multifactor productivity (MFP), allowing for changes in the composition and quality of...
  N° 247   19 June 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/economic-effects-of-the-1999-turkish-earthquakes_233456804045
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Economic Effects of the 1999 Turkish Earthquakes
Alexandra Bibbee, Rauf Gönenç, Scott Jacobs, Josef Konvitz, Robert W.R. Price
This Working Paper presents a cross-Directorate Report on the economic, budgetary, regulatory and urbanpolicy implications of the earthquakes which struck the Marmara and Bolu areas of Turkey on 17 August and 12 November 1999. The earthquakes caused high casualties and significant material...
  N° 246   13 June 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/policy-influences-on-economic-growth-in-oecd-countries_581718238837
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Policy Influences on Economic Growth in OECD Countries
Sanghoon Ahn, Philip Hemmings
This paper examines the recent literature on economic growth with a focus on policy issues and evidence relevant to OECD countries. The review begins with an overview of developments in the theory of economic growth and also comments generally on the nature of evidence exploring the influences...
  N° 245   25 May 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/the-tax-system-in-the-czech-republic_242706151678
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The Tax System in the Czech Republic
Chiara Bronchi, Andrew Burns
This paper discusses the tax system in the Czech Republic and offers some specific suggestions for reform. Viewed in international context, the Czech system is broadly similar to those operated in other OECD countries. Like them, it exhibits a number of non-neutral features, some of which...
  N° 244   24 May 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/the-tax-system-in-norway_630052088314
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The Tax System in Norway
Paul van den Noord
This paper reviews tax policy initiatives and the scope for further reform in Norway. Norway faces the challenge of containing expenditure to at least avoid future increases in the tax burden, which is already above the OECD average. The favourable tax regimes for some industries imply that the...
  N° 243   11 May 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/a-changing-financial-environment-and-the-implications-for-monetary-policy_511388364355
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A Changing Financial Environment and the Implications for Monetary Policy
Paul Mylonas, Sebastian Schich, Gert Wehinger
Monetary policy affects activity, and ultimately inflation, in a number of ways. The most important of these is generally considered to be through the effect of interest rates directly on the demand for goods by households and firms. However, monetary policy can also influence activity through...
  N° 242   10 May 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/carbon-emission-leakages_410535403555
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Carbon Emission Leakages
Jean-Marc Burniaux, Joaquim Oliveira Martins
In December 1997, a number of countries - referred to as the Annex 1 countries - signed the Kyoto Protocol under which they agreed to ceilings on their emissions of greenhouse gases (GHGs). Such unilateral action by a group of countries has often been criticised on the grounds that it could be...
  N° 241   28 Apr 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/the-healthcare-system-in-hungary_088362842087
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The Healthcare System in Hungary
Eva Orosz, Andrew Burns
This paper examines within an international context, the healthcare system in Hungary. While the system resembles in many of its broad features those of other OECD countries, Hungarians have the lowest life expectancy in the OECD and its rate of increase over the last 20 years has been much...
  N° 240   17 Apr 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/comparing-semi-structural-methods-to-estimate-unobserved-variables_112875725526
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Comparing Semi-Structural Methods to Estimate Unobserved Variables
Laurence Boone
Economists often seek to estimate unobserved variables, representing "equilibrium" or "expected" values of economic variables, as benchmarks against which observed, realised values of these variables may be evaluated. Such comparisons are often used as economic policy indicators, for example...
  N° 239   28 Apr 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/new-issues-in-public-debt-management_071758446643
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New Issues in Public Debt Management
Paul Mylonas, Sebastian Schich, Thorsteinn Thorgeirsson, Gert Wehinger
This paper reviews some of the difficult challenges facing debt managers in the years to come. In countries experiencing a rapidly diminishing gross debt, particularly the United States, this raises the issue of whether private-sector securities can serve as a substitute for the traditionally...
  N° 238   12 Apr 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/regulation-industry-structure-and-performance-in-the-electricity-supply-industry_880084226021
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Regulation, Industry Structure and Performance in the Electricity Supply Industry
Faye Steiner
This paper seeks to assess the impact of liberalisation and privatisation on performance in the generation segment of the electricity supply industry. Regulatory indicators for a panel of 19 OECD countries over a 10 year time period were constructed to examine the influence of regulatory reform...
  N° 237   12 Apr 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/regulation-market-structure-and-performance-in-telecommunications_601531871521
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Regulation, Market Structure and Performance in Telecommunications
Olivier Boylaud, Giuseppe Nicoletti
The paper uses an original international database on regulation, market structure and performance in the telecommunications industry to investigate the effects of entry liberalisation and privatisation on productivity, prices and quality of service in long-distance (domestic and international)...
  N° 236   06 Apr 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/predicting-the-evolution-and-effects-of-the-asia-crisis-from-the-oecd-perspective_422426214244
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Predicting The Evolution and Effects of The Asia Crisis from The OECD Perspective
Pete Richardson, Ignazio Visco, Claude Giorno
Over the past two years, the key trading economies in SE Asia experienced major economic crises, involving financial turbulence, large capital outflows and currency depreciations. These, in turn, resulted in severe financial constraints and business failures and required major domestic...
  N° 235   06 Apr 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/modelling-manufacturing-export-volumes-equations_308783210136
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Modelling Manufacturing Export Volumes Equations
Keiko Murata, Dave Turner, David Rae, Laurence Le Fouler
International trade is a principle transmission mechanism by which developments in one country can have repercussions in others and how it is modelled is an important part of any multi-country model. This paper describes recent estimation work carried out by the OECD, which respecifies and...
  N° 234   17 Mar 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/the-polish-tax-reform_638712271244
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The Polish Tax Reform
Patrick Lenain, Leszek Bartoszuk
The Polish tax system has commendable features, in particular a capacity to generate strong revenue on a continuous basis. But it also has a number of less desirable features, which could hamper growth in the future and come under increased criticism both domestically and internationally. The...
  N° 233   02 Mar 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/the-tax-system-in-mexico_713001800850
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The Tax System in Mexico
Thomas Dalsgaard
The Mexican tax system encompasses a number of commendable features and disincentives to work, save and invest appear less severe than in most other OECD countries. However, the system also contains major deficiencies, which hampers the efficiency and equity of the system and contribute to the...
  N° 232   09 Feb 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/emu-the-euro-and-the-european-policy-mix_524744315352
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EMU, The Euro and The European Policy Mix
Jonathan Coppel, Martine Durand, Ignazio Visco
One year ago most economic observers predicted that "fundamentals" were such that the euro was set to appreciate. In the event, the opposite has occurred. This has rekindled a debate on how well foreign exchange markets reflect fundamental determinants and led to calls for greater exchange rate...
  N° 231   04 Feb 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/the-tax-system-in-japan_707611268636
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The Tax System in Japan
Thomas Dalsgaard, Masaaki Kawagoe
The Japanese tax system applies relatively low marginal tax rates on most economic activities which, in combination with moderate tax elasticities of the bases, indicate that the overall distortion from the tax system (the excess burden) is probably modest compared with other OECD countries....
  N° 230   19 Jan 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/the-size-and-role-of-automatic-fiscal-stabilizers-in-the-1990s-and-beyond_816628410134
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The Size and Role of Automatic Fiscal Stabilizers in the 1990s and Beyond
Paul van den Noord
This paper assesses to what extent some components of government budgets affected by the macroeconomic situation operate to smooth the business cycle in individual OECD countries. It is shown that these automatic fiscal stabilisers have generally reduced cyclical volatility in the 1990s....
  N° 229   19 Jan 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/enhancing-environmentally-sustainable-growth-in-finland_370821866730
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Enhancing Environmentally Sustainable Growth in Finland
Ann Vourc'h, Miguel Jimenez
This document examines Finland’s policy on natural and environmental resource management. In many fields, progress has been made and pollution curbed. However, there is still room for improvement with regard to cost-effectiveness. Economic evaluation of the measures planned in various fields...
  N° 228   18 Jan 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/finance-and-growth_307832384453
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Finance and Growth
Kotaro Tsuru
This paper aims at providing an overview of the theoretical considerations and a review of the empirical literature on the relationship between finance and growth. Section I describes the role of financial development in economic growth at the macro level, both theoretically and empirically....
  N° 227   12 Jan 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/what-the-yield-curves-say-about-inflation_143175727151
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What the Yield Curves say About Inflation
Sebastian Schich
The paper investigates the information content of yield curves regarding future inflation, using the example of the G-7 countries. The empirical results show substantial variation of results across countries, and a significant information content is identified for the United States, the United...
  N° 226   13 Apr 2000 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/summary-indicators-of-product-market-regulation-with-an-extension-to-employment-protection-legislation_215182844604
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Summary Indicators of Product Market Regulation with an Extension to Employment Protection Legislation
Giuseppe Nicoletti, Stefano Scarpetta, Olivier Boylaud
This paper presents a database on indicators of product market regulations and employment protection legislation for most of the OECD countries and illustrates a methodology for aggregating these detailed indicators into summary indicators of the strictness of regulations. The summary...
  N° 225   22 Nov 1999 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/some-issues-related-to-the-equity-efficiency-trade-off-in-the-swedish-tax-and-transfer-system_067275517348
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Some Issues Related to the Equity-Efficiency Trade-Off in the Swedish Tax and Transfer System
Henning Strand
The Swedish universal welfare model relies on a high tax level to finance a variety of transfers to the workingage population both in the form of income replacements and income supplements and as services for health-, child- and elderly care. The available evidence, reviewed in this Working...
  N° 224   07 Oct 1999 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/the-economic-effects-of-employment-conditional-income-support-schemes-for-the-low-paid_083815484206
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The Economic Effects of Employment-Conditional Income Support Schemes for the Low-Paid
Andrea Bassanini, Jørn Henrik Rasmussen, Stefano Scarpetta
Problems of unemployment and low pay amongst the low-skilled and those with little work experience are severe in many OECD countries. Employment-conditional schemes are policy instruments designed to increase the employment prospects of the low-skilled as well as to support their living...
  N° 223   15 Sep 1999 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/the-use-of-financial-market-indicators-by-monetary-authorities_853022881453
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The Use of Financial Market Indicators by Monetary Authorities
Paul Mylonas, Sebastian Schich
In a new and changing environment for monetary policy, an interesting issue to examine is the use of financial market indicators by monetary policy authorities. With this in mind, the OECD canvassed a number of major central banks to get their views. This paper presents a synthesis of the...
  N° 222   13 Aug 1999 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/tax-reform-in-switzerland_721511652676
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Tax Reform in Switzerland
David Carey, Kathryn Gordon, Philippe Thalmann
There have been a number of tax reforms in Switzerland in recent years aimed at enhancing economic efficiency and equity. This paper sets these reforms in the context of the forces shaping tax policy in Switzerland and the main features of the Swiss tax system and suggests areas where further...
  N° 221   04 Aug 1999 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/trends-in-market-openness_051520622785
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Trends in Market Openness
Jonathan Coppel, Martine Durand
Widening imbalances in current account positions across some of the major OECD economic areas have raised concerns about related increases in protectionist sentiments. This paper reviews recent trends in market openness indicators and assesses whether barriers to international trade and...
  N° 220   30 July 1999 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/technology-upgrading-with-learning-cost_5kggkdtw4vzp-en
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Technology Upgrading with Learning Cost
Sanghoon Ahn
As it takes time and effort to learn how to fully utilise new technology and realise its maximum potential productivity gain, adoption of new technology tends to reduce productivity temporarily, even though the potential productivity gain in the long run outweighs this short run loss. This...
  N° 219   27 July 1999 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/testing-for-a-common-oecd-phillips-curve_340107434541
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Testing for a Common OECD Phillips Curve
Dave Turner, Elena Seghezza
This paper reports estimates of a reduced form relationship explaining inflation in terms of the output gap and import price inflation for most OECD countries. Results are reported both for single equation estimation on a country-by-country basis and using a system estimation technique in order...
  N° 218   28 July 1999 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/sustainable-economic-growth_210018060005
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Sustainable Economic Growth
Paul van den Noord, Ann Vourc'h
This document examines Norwegian policy on managing natural and environmental resources. These issues, and more generally the challenges of sustainable development, are primary concerns of the authorities in Norway, a country richly endowed with natural resources. Substantial action has been...
  N° 217   23 July 1999 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/coping-with-population-ageing-in-australia_616221120437
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Coping with Population Ageing in Australia
David Carey
As in other OECD countries Australia’s population is ageing progressively. On unchanged policies, this will increase government outlays for public pensions and health care, causing a deterioration in budget balances, and reduce economic growth (mainly by lowering growth in the labour force)....
  N° 216   25 June 1999 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/estimating-prudent-budgetary-margins-for-11-eu-countries_475132665781
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Estimating Prudent Budgetary Margins for 11 EU Countries
Thomas Dalsgaard, Alain de Serres
In this paper, a structural VAR model is estimated for 11 EU countries in order to assess the effect on the government deficit ratio of four independent economic disturbances: supply, fiscal, real private demand and monetary shocks. Based on the estimated distribution of these shocks,...
  N° 215   10 May 1999 Click to Access: 
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/the-problems-and-prospects-faced-by-pay-as-you-go-pension-systems_286670310381
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The Problems and Prospects Faced by Pay-As-You-Go Pension Systems
Paul Mylonas, Christine de la Maisonneuve
Without further reforms, pay-as-you-go pension systems throughout most of continental Europe face unsustainable financial imbalances as their population ages. Though this paper describes the Greek pension system, which will face especially severe financial strains, it sheds light on the pension...
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