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2004 OECD Economic Outlook, Volume 2004 Issue 1

image of OECD Economic Outlook, Volume 2004 Issue 1

OECD's June 2004 assessment of economic developments and prospects.  In addition to the regular economic assessments and statistical information, this issue includes articles examining whether housing and mortgage market arrangements explain different degrees of economic resilience shown by OECD economies, through what mechanisms the US external deficit could adjust, to what extent stock market gyrations and one-off measures distort traditional measures of the fiscal stance, and how structural reform could enhance income convergence in Central European countries.

English French, German

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Housing Markets, Wealth and the Business Cycle

Buoyant house prices give a greater boost to consumer spending in countries with more diversified mortgage markets. But distortions to the housing market, such as tax breaks, should be avoided to counter excessive price volatility...

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