The Great Recession’s long-term damage

Laurence Ball, 1 July 2014

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According to macroeconomics textbooks, a fall in aggregate demand causes a recession in which output drops below potential output – the normal level of production given the economy’s resources and technology. This effect is temporary, however.

Topics: Global crisis
Tags: Great Recession, growth, hysteresis, OECD, potential output, unemployment

DynEmp: New cross-country evidence on the role of young firms in job creation, growth, and innovation

Chiara Criscuolo, Peter N. Gal, Carlo Menon, 26 May 2014

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Since well before the crisis, many OECD economies have been confronted with sluggish productivity growth. In the aftermath of the crisis, job creation has also stalled and has become an important policy issue. Business dynamics are at the core of the creative destruction process.

Topics: Labour markets, Productivity and Innovation
Tags: business cycles, employment, firms, growth, job creation, OECD, R&D, start-ups

Economic liberty in the long run: Evidence from OECD countries

Leandro Prados de la Escosura, 7 April 2014

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How has freedom evolved over time? A distinction has been made between ‘negative’ freedom – a lack of interference or coercion by others (freedom from) – and ‘positive’ freedom, the guarantee of access to markets that allow people to control their own existence (freedom to) (Berlin 1958). An example of negative freedom is economic liberty.

Topics: Development
Tags: economic freedom, economic liberty, negative freedom, OECD, protectionism

Public procurement markets: Where are we?

Patrick A Messerlin, Sébastien Miroudot, 7 September 2012

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Recently, the EU and US have pushed very hard for opening public procurement markets, as illustrated by the EU and US pressures on Japan and China, respectively. In particular, the EU claims that it is by far the most open market in the world.

Topics: EU policies, Global governance, Institutions and economics
Tags: Corruption, EU, OECD, public procurement, US

Precautionary savings in the Great Recession

Ashoka Mody, Damiano Sandri, Franziska Ohnsorge, 22 February 2012

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A key feature of the Great Recession was a striking increase in uncertainty. The volatility of real GDP increased (left chart in Figure 1) and, at the same time, the higher unemployment rate raised the risks of job losses, longer unemployment durations, and, hence, of severe reductions in income (see Carroll 1992 for a similar interpretation of unemployment rates).

Topics: Macroeconomic policy
Tags: crises, OECD, savings

Is short-time work a good method to keep unemployment down?

Pierre Cahuc, Stéphane Carcillo, 1 February 2011

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Short-time compensation (or short-time work) aims at reducing lay-offs by allowing employers to temporarily reduce hours worked while compensating workers for the induced loss of income. At present, short-time work schemes are widespread among OECD countries, having grown in popularity during the Great Recession.

Topics: Labour markets
Tags: OECD, Short-term work, unemployment

The impact of class size on the performance of university students

Oriana Bandiera, Valentino Larcinese, Imran Rasul, 11 January 2010

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The organisation of university education is increasingly in the spotlight, both in academic and policy circles.

Topics: Education
Tags: education, OECD, tertiary education

How to spend it: Sovereign wealth funds and the wealth of nations

Helmut Reisen, 5 June 2008

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Sovereign wealth funds (SWFs) are government-controlled investment vehicles that are stimulating protectionist sentiments in some OECD countries.

Topics: Development, Financial markets
Tags: investment vehicles, OECD, oil exporters, sovereign wealth funds

Culture, gender and growth

Denis Drechsler, Johannes P. Jütting, 7 March 2008

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“Tradition is a guide and not a jailer”, wrote W. Somerset Maugham. Could it be that some traditions, however rooted in great histories and cultures, are now trapping countries in poverty? This certainly appears to be the case when it comes to the influence of social and cultural norms on the status of women.

Topics: Development
Tags: Discrimination, gender equality, OECD, social institutions

Do temporary jobs improve workers long-term labour market performance?

Julia Lane, Harry J. Holzer , Fredrik Andersson, 15 October 2007

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What are the long term labour market consequences of temporary help work? As the importance of temporary help work has increased across OECD countries, economists have started paying attention to this question.

Topics: Labour markets
Tags: OECD, temporary work, unemployment

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