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Exchange rates are relative prices of national currencies, and under a floating rate regime they may naturally be viewed as being determined by the interplay of supply and demand in foreign exchange markets. This proposition is uncontroversial, but it provides no more than a starting point for understanding exchange rate determination and its relationship to other macroeconomic variables and to policy. Supply and demand in currency markets are dependent on conditions in other markets, real and financial, which are affected in turn by exchange rates themselves. In fact any analysis which attempted to be general would describe exchange rates as being determined in a complex process of interaction simultaneously with all other variables in the international macro-economy. Such an approach would prove too cumbersome to be helpful empirically. Simplifying assumptions have therefore been used in most standard models to provide explanations which are in varying degrees partial. Each model ...

Economics

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Die optimale Besteuerung beeinträchtigt nicht die allokative Effizienz der Marktwirtschaft. Sie korrigiert ungerechte Einkommensvertei- lungen. Nur Pauschalsteuern wären «erstbeste» optimale Steuern. Sie sind aber als Alleinsteuern unrealistisch. Die Finanzwissenschaft sucht daher - bislang überwiegend im angelsächsischen Sprachraum nach «zweitbesten» realistischen Steuersystemen: insbesondere nach einem Verbrauchsteuersystem («optimal commodity taxation») und nach einem Einkommensteuersystem («optimal income taxation»). Mit der Aufarbeitung, der Praktikabilität und der Weiterentwicklung dieser Ansätze befasst sich die vorliegende Arbeit.

Economics.

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Devant le recul sensible de la demande de pétrole des pays de l'OPEP, que l'on observe depuis 1980, les prix internationaux en dollars du pétrole ont fléchi légèrement en 1981 et en 1982 pour chuter nettement au début de 1983. La présente note s'appuie sur des simulations réalisées à partir du modèle de l'économie mondiale, INTERLINK, du Secrétariat de l'OCDE, pour examiner les facteurs qui détermineront les principales conséquences macro-économiques de la baisse des prix du pétrole pour la zone de l'OCDE. Les pays importateurs nets de pétrole en retireront trois avantages non négligeables: la poursuite du recul de l'inflation, le redressement de la balance des opérations courantes et l'augmentation des revenus réels. L'incidence sur la production est moins sûre car elle dépend en partie de la confiance des entreprises et des changements induits dans l'orientation de la politique économique ...

Economics

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Participants in the Special Meeting on National Accounts held in February 1980 requested the Secretariat to prepare a report on service lives of capital assets. Estimating service lives is one of the more difficult problems in using the perpetual inventory method to calculate capital stocks. While an earlier OECD report, The Measurement of Capital (40), had touched on the problem, participants agreed that this was an area where a more detailed study of country practices would be useful. A consultant, M. Pierre Teillet, was asked to conduct a survey of country practices and to prepare an initial report, which was briefly discussed at the Special Meeting on National Accounts held in June 1981. The present study, which has been prepared by the Economic Statistics and National Accounts Division of the ESD, draws both on the earlier work by M. Teillet and on the substantial quantity of reports, working papers and other documentation on capital stock estimates supplied by statistical ...

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Ce document examine un certain nombre des conséquences que les deux grandes augmentations des prix du pétrole - 1973-74 et 1979-80 - ont eues sur l'économie de l'ensemble de la zone de l'OCDE.

Economics