How is this end of the expansionary period different from those of the past in OECD countries?

It is important to see how this end of the expansion period in OECD countries differs from those of the past: The rise in the participation rate allows employment growth to continue while the unemployment rate is very low, and allows the very low unemployment rate not to bring down inflation; The lack of inflation makes it possible to implement "overheating economic policies": stimulating growth at full employment through expansionary monetary and fiscal policies; Overheating policies help raise the participation rate, which in turn makes it possible to implement overheating policies by eliminating inflation; Thanks to the low interest rates and the small acceleration in wages, corporate profitability remains high, which also creates a favourable environment for asset price increases (equities, real estate); Lastly, there is a virtuous circle starting from the rise in the participation rate: it is self-sustaining, and it stimulates both demand and the supply of goods and services.