This paper investigates the determinants of equilibrium real exchange rates for the new EU member states and candidate countries, relying on an asset model inspired by Aglietta et al. (1998) and Alberola et al. (1999, 2002). The impact of productivity gains on both the Balassa-Samuelson effect...

This paper analyses the reaction of fiscal policy to the cycle in OECD countries. The results suggest that while overall government balances were counter-cyclical in the past and more so in economic downturns than in upswings, discretionary fiscal policy was neutral on average. However,...

This paper summarises earlier OECD work aimed at quantifying the impact of structural reforms on economic outcomes. It overviews: i.) insights obtained for the linear relationships linking policies and economic outcomes (including multi-factor productivity, capital deepening and employment) for...