This paper assesses the extent to which the fall in risk premia of a number of financial assets, which occurred throughout 2003, was due to improvements in factors specific to individual markets at that time or to general economic fundamentals coupled with OECD-wide abundant liquidity. Regarding...

This paper is concerned with how stylised differences in monetary policy transmission mechanisms and product and labour market rigidities between the US and euro-area economies affect their resilience to temporary shocks. To address this issue, a small general equilibrium model with long-run...

Compte tenu des disparités actuelles de taux de croissance relatifs et de soldes des paiements courants entre économies de l’OCDE, l’incidence des réformes structurelles sur les déséquilibres extérieurs est un thème qui suscite beaucoup d’intérêt. Les responsables de la politique...