Inflation has quickly and significantly increased in most OECD countries since the end of 2021 and further accelerated after Russia’s war of aggression against Ukraine, mostly driven by surging energy and food prices. Certain categories of households are particularly vulnerable, as large parts...

Greening the economy entails jobs contracting in “high-polluting” economic activities and expanding in environment-friendly activities. Minimizing the corresponding transition costs is crucial to accelerate decarbonisation and reduce displacement costs for affected workers. Using...

This paper provides an illustrative assessment of the impacts on potential GDP over a 5 to 10-year horizon of structural reform scenarios in the areas of product and labour markets, relying on existing OECD empirical studies. Results of simulations suggest that a gradual alignment of product...

In the wake of the Great Recession, a massive monetary policy stimulus was provided in the main OECD economies. It helped to stabilise financial markets and avoid deflation. Nonetheless, GDP growth has been sluggish and in some countries lower than expected given the measures taken, and...

Economic downturns which have their roots in preceding credit excesses and debt overhang have tended historically to be long lasting, whether the financial sector remained healthy or not. There are no good reasons to believe the current global crisis will be any different. Moreover, it is argued...

The financial crisis revealed flaws in pre-crisis policy frameworks. Particular gaps included the failure of monetary and financial policies to incorporate fully the implications of the rapid pro-cyclical growth in financial leverage and risk-taking, especially across national borders, and the...

This paper provides an illustrative assessment of the impacts on potential GDP over a 5 to 10-year horizon of structural reform scenarios in the areas of product and labour markets, relying on existing OECD empirical studies. Results of simulations suggest that a gradual alignment of product...

Denmark has been a frontrunner in policies that reduce greenhouse gas emissions and now plans to cut emissions by 70% by 2030 from 1990 levels and to achieve carbon neutrality by 2050. Such ambition induces halving emissions from 2019 levels and making the same emission abatement effort in ten...

As countries implement stricter environmental policies, the need for tools to compare countries’ environmental policy stringency is becoming more pressing. The OECD Environmental Policy Stringency (EPS) index has become a widely used tool for policy analysis since its creation in 2014. This...

Les autorités ont défini un programme très ambitieux en matière de politique de l’environnement, dont les grands axes sont, outre la réduction des émissions de gaz à effet de serre (GES), la lutte contre la pollution atmosphérique locale et la pollution de l’eau, la gestion des...