United States : 2016 / OECD.

Format:

Book

Contributor:

Organisation for Economic Co-operation and Development, contributor.

Series:

OECD Economic surveys (Series)

OECD Economic Surveys

Language:

English

Subjects (All):

Economic history.

United States--Economic conditions.

United States.

United States--Economic policy.

Physical Description:

1 online resource (136 pages).

Place of Publication:

Paris : OECD Publishing, [2016]

Summary:

Special Features: Private sector productivity; Making growth more inclusive.

Contents:

Intro

Table of contents

Basic Statistics of United States, 2015 or latest year available

Executive summary

The US economy has rebounded from the crisis

Productivity has slowed in most industries

Income inequality continues to increase

Assessment and recommendations

After the recovery, growth is likely to remain moderate

Figure 1. Output recovery has been weaker than after previous recessions, while the decline in the unemployment rate has been faster

Figure 2. Business fixed investment has recovered as output growth continues steadily

Figure 3. The exchange rate has appreciated sharply and export growth has slowed

Table 1. Macroeconomic indicators and projections

Box 1. Recession risks appear limited

Figure 4. Recession probabilities: real time and in-sample comparisons

Box 2. Low-probability vulnerabilities

Figure 5. Strong job gains and much lower unemployment rates

Figure 6. Price and wage inflation have remained stubbornly subdued

Box 3. Real-time uncertainty in assessing inflationary pressures

Figure 7. Real-time estimates of the US output gap can be misleading

An exit from unconventional monetary policy has started

Preserving financial stability requires introducing macro-prudential tools

Figure 8. Capital ratios exceed thresholds but risks remain

Table 2. Past OECD recommendations on monetary and financial policy

Figure 9. House price-to-rent ratios are broadly in line with historical trends

Figure 10. Household balance sheets have recovered from the crisis

The federal deficit has declined, making space for higher public investments

Figure 11. The budget deficit has fallen

Box 4. The proposed FY2017 budget

Box 5. Potential lessons from healthcare spending in OECD countries

Figure 12. Healthcare spending has slowed.

Table 3. Past OECD recommendations on fiscal policy

Figure 13. Public debt scenarios

Achieving stronger long-term growth

Investing in infrastructure

Figure 14. The growth of the government capital stock has slowed markedly

Figure 15. Infrastructure quality appears to have deteriorated overall

Figure 16. Fixed (wired) broadband penetration is around average and relatively slow

Unleashing productivity

Figure 17. Labour productivity growth has been weak recently

Figure 18. Aggregate corporate profits are hovering near post-war highs

Figure 19. Relative prices have fallen with productivity growth

Figure 20. Bankruptcy reform reduced filings and increased incorporation

Table 4. Past OECD recommendations on innovation

Box 6. Corporate tax reforms

Figure 21. Markets have become more concentrated, on balance

Figure 22. Licencing of occupations and regulation in services restrict business dynamism

Making growth more inclusive and sustainable

Figure 23. Income inequality has been trending upwards

Box 7. Well-being is high, but not for all

Figure 24. High, but unequal well-being

Improving opportunities for all

Table 5. Past OECD recommendations on education policy

Figure 25. Education performance has improved though skills remain weak on average

Figure 26. Student loans have become a much more important element of household debt

Boosting jobs

Figure 27. US labour-market participation has fallen

Table 6. Past OECD recommendations to improve work-life balance

Figure 28. The gender wage gap has declined over time, but remains comparatively high

Table 7. Gender inequalities are large

Figure 29. Wage gaps are large between population groups

Table 8. Past OECD recommendations on disability and health care reform

Figure 30. Employment rates are lower amongst blacks.

Table 9. Past OECD recommendations on business sector contribution to well-being

Figure 31. Health un-insurance has dropped since 2013

Meeting environmental challenges

Box 8. Economy-environment linkages in the United States

Figure 32. Contribution of domestic natural capital to output growth, 1991-2013 averages

Figure 33. Green growth indicators for the United States

Table 10. Past OECD recommendations on environmental sustainability and energy

Bibliography

Annex. Progress in structural reform

A. Recommendations on monetary and financial policy

B. Recommendations on fiscal policy

C. Recommendations on innovation

D. Recommendations on education policy

E. Recommendations on improving work-life balance

F. Recommendations on disability and health care reform

G. Recommendations on business sector contribution to well-being

H. Recommendations on environmental sustainability and energy

Thematic chapters

Chapter 1. Unleashing private sector productivity

Labour productivity has suffered a broad-based deceleration

Figure 1.1. Productivity has slowed in the USA and in the OECD as a whole

Figure 1.2. Capital deepening and multifactor productivity have held back U.S. productivity growth

Figure 1.3. The productivity slowdown is pervasive across industries

Box 1.1. Are shifts in industry composition slowing overall productivity?

Table 1.1. Contributions to slowdown in aggregate private business productivity by selected sectors and industries

Box 1.2. Can mismeasurement help account for the productivity slowdown?

The business investment climate

Figure 1.4. Capital formation has been broadly in line with overall activity

Figure 1.5. Lending conditions for businesses have been eased since the crisis, and uncertainty has subsided.

Figure 1.6. Despite a wide gap between returns on produced assets and borrowing costs, corporations are accumulating financial assets

The role of innovative activity

Figure 1.7. Innovative effort seems robust overall, but is shifting toward the private sector

Figure 1.8. The US ratio of overall R&D expenditures to GDP is somewhat above the OECD average

Figure 1.9. Efforts to speed patenting are paying off, but the process is still lengthy

Business dynamism and technological diffusion

Figure 1.10. The business sector is gradually becoming less dynamic

Figure 1.11. Increases in small business collateral requirements during the crisis have not been reversed

Figure 1.12. Bankruptcy reforms in 2005 reduced filings and increased the likelihood of incorporation

The role of market power

Figure 1.13. The share of non-labour compensation in aggregate income has risen

Figure 1.14. Foreign activities have helped boost profits by domestic corporations to record highs

Figure 1.15. Markets have become more concentrated, on balance

Figure 1.16. The link between an industry's productivity and its relative price has loosened

Figure 1.17. Merger and acquisition activity has been elevated over the past two decades

Box 1.3. Is intensifying market concentration contributing to higher mark-ups?

Figure 1.18. Price mark-ups and market concentration at the industry level

Table 1.2. Estimated Effects of Market Consolidation on the Mark-up

Table 1.3. Decomposition of the Estimated Mark-up Effect

Innovative management practises and productivity

Harnessing complementarities between business productivity and public infrastructure

Figure 1.19. Public capital formation has slowed to a crawl

Figure 1.20. Agglomeration benefits and city size

Recommendations for unleashing productivity growth

Bibliography.

Chapter 2. Realising and expanding opportunities

Figure 2.1. Labour quality is not rising fast enough to offset decelerating hours worked

Skills and opportunity

Raising attainment in compulsory education

Box 2.1. Inter-generation income mobility

Figure 2.2. Income inequality is pronounced in the United States

Figure 2.3. Intergenerational income mobility is comparatively low

Figure 2.4. Education performance has improved though skills remain weak on average

Figure 2.5. Educational performance is mixed across the US

Improving access to higher education and post-secondary training

Figure 2.6. Enrolment in higher education has risen

Figure 2.7. Wage premia for college are varied

Box 2.2. Student loans

Figure 2.8. Student loans have become a much more important element of household debt

Figure 2.9. Spending on active labour market programmes is comparatively low

Box 2.3. Activation policies in the OECD

Barriers to opportunity

Barriers to labour market fluidity

Figure 2.10. Labour market flows have diminished

Figure 2.11. Inter-state migration has been declining

Improving opportunities for women

Figure 2.12. Gains in female labour force participation have petered out

Box 2.4. Paid parental leave policies in the OECD and gender equality

Box 2.5. Female labour force participation and the role of family-friendly policies

Table 2.1. Probabilities of female labour force participation are boosted by more supportive family-friendly policies at the state level

Figure 2.13. The gender wage gap has declined over time, but remains comparatively high

Figure 2.14. Sex discrimination cases vary across the country

Figure 2.15. Women tend to work in lower paying sectors

Disability insurance as a barrier to employment

Box 2.6. Disability policies in OECD countries.

Figure 2.16. Disability rolls have risen substantialy.

Notes:

Description based on print version record.

ISBN:

92-64-25793-4

OCLC:

1024242621