In the midst of the deepest and most synchronised recession in our lifetimes, OECD's Gurría encourages a policy response which addresses the social impact of the crisis and repairs the financial system.
This working paper uses a variety of empirical methods to examine the apparent differences in monetary policy stances as between the United States and other G7 economies.
This paper constructs a broad measure of financial conditions for the United States, Japan, the Euro Area and the United Kingdom, by extending monetary condition indices which are traditionally used to gauge the impact of monetary policy on the economy.
The global financial crisis that emerged in mid 2007 has caused considerable economic disruptions in the United States and elsewhere, and exposed major flaws in the global financial system.
As the financial crisis deepens and spreads, a decisive policy action is needed to restore confidence and restart the flow of credit, according to Mr.Gurría.
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Some recent research suggests that the "risk premium" may be important in the determination of exchange rates. OECD Economic Studies No. 9.