Economic policies and regulations should be countercyclical

It would be desirable if all economic policies and regulations were countercyclical. Yet in OECD countries: Monetary and fiscal policies are countercyclical in recessions and procyclical in expansions (they stimulate demand even when the unemployment rate becomes low); Regulations for banks and insurers are procyclical, as capital constraints become more stringent in recessions. In 2020, government business loan guarantees prevented this procyclicality in the case of banks; Unemployment benefit rules are countercyclical in only few countries (United States and Canada).