OECD Economic Outlook, Volume 2020 Issue 2
The COVID-19 pandemic will cast a long shadow over the world’s economies and the economic outlook is very uncertain. This issue of the OECD Economic Outlook analyses the impacts of COVID-19 on the economy and puts forward projections for output, employment, prices, fiscal and current account balances.
This issue includes a general assessment of the macroeconomic situation, a series of notes on the current policy challenges related to the COVID-19 pandemic and a chapter summarising developments and providing projections for each individual country. Coverage is provided for all OECD members as well as for selected partner economies.
Issue Note 3. Post-financial-crisis changes to monetary policy frameworks: Driving factors and remaining challenges
Several central banks in advanced economies have embarked on monetary policy reviews in the context of persistently low inflation, interest rates and potential GDP growth in past decades and increasing use of unconventional tools since the global financial crisis. These reviews are welcome as they allow central banks to rethink openly their targets, tools and communication in the context of a changing economic environment. The engagement with the public on these issues can strengthen their legitimacy and credibility.
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