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2008 OECD Economic Outlook, Interim Report March 2009

image of OECD Economic Outlook, Interim Report March 2009

This interim OECD Economic Outlook analyses the current crisis and examines the economic policies required to foster a sustained recovery in member countries. This issue covers the outlook to end-2010 for both OECD and major non‑OECD economies. A particular spotlight is put on fiscal policy in a special chapter entitled The Effectiveness and Scope of Fiscal Stimulus. It addresses the following issues: How  governments in OECD countries changed the stance of fiscal policy in response to the crisis and What is the scope for additional fiscal stimulus in OECD countries to cushion the recession and help the recovery.

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The Effectiveness and Scope of Fiscal Stimulus

Discretionary fiscal stimulus is playing an important role in OECD countries? policy response to boost demand in the wake of the financial crisis. This reflects the severity of the downturn, both in terms of depth and duration, combined with the limits of monetary policy, both because the room for additional interest rate cuts is becoming increasingly slim in many OECD countries and especially because monetary transmission channels may be impaired. 

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