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Macroeconomic policies and OECD policy advice during the COVID-19 pandemic: A retrospective assessment

Author

Listed:
  • Michael Koelle
  • Kyongjun Kwak
  • Jakob Brunnengräber

Abstract

The global health crisis triggered by the COVID-19 pandemic was met with unprecedented policy responses by governments, including massive fiscal and monetary policy stimulus. This paper documents and reviews the OECD’s macroeconomic assessment and policy advice contained in its economic flagship publication, the Economic Outlook. The three main findings are: First, the recovery was swifter and inflation was stronger and more persistent than anticipated. Second, OECD policy advice evolved from maintaining a very accommodative stance throughout 2020 to reducing fiscal support and adopting a more restrictive monetary policy in late 2021. Third, the policy advice was significantly influenced by real-time uncertainty about the evolution of the pandemic and the strength of the recovery due to subsequent upward data revisions.

Suggested Citation

  • Michael Koelle & Kyongjun Kwak & Jakob Brunnengräber, 2026. "Macroeconomic policies and OECD policy advice during the COVID-19 pandemic: A retrospective assessment," OECD Economics Department Working Papers 1857, OECD Publishing.
    • Handle: RePEc:oec:ecoaaa:1857-en
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    Keywords

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    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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