Extraordinary measures : the role of debt levels in fiscal policy responses to Covid-19

Adam Elbourne, Giulia Piccillo, Konstantinos Velentzas

We use SVAR models for 18 economies to estimate how much fiscal policy deviated from pre-pandemic norms during the Covid-19 pandemic. For most countries, fiscal policy was more expansive than the pre-pandemic norm predicts based on the state of the economy during the pandemic. The size of the deviation from the pre-pandemic norm is not related to the level of government debt on the eve of the pandemic, as fiscal space concepts would predict.

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Year of publication:	December 2023
Authors:	Elbourne, Adam ; Piccillo, Giulia ; Velentzas, Konstantinos
Publisher:	Munich, Germany : CESifo
Subject:	Covid-19 \| fiscal policy \| SVAR \| fiscal space \| Finanzpolitik \| Fiscal policy \| Coronavirus \| Wirkungsanalyse \| Impact assessment \| Öffentliche Schulden \| Public debt \| Stabilisierungspolitik \| Stabilization policy

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Extent:	1 Online-Ressource (circa 15 Seiten) Illustrationen
Series:	CESifo working papers. - München : [Verlag nicht ermittelbar], ISSN 2364-1428, ZDB-ID 2065232-X. - Vol. 10852 (2023)
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Graue Literatur ; Non-commercial literature ; Arbeitspapier ; Working Paper
Language:	English
Other identifiers:	hdl:10419/282540 [Handle]
Classification:	E60 - Macroeconomic Policy Formation, Macroeconomic Aspects of Public Finance, Macroeconomic Policy, and General Outlook. General ; H50 - National Government Expenditures and Related Policies. General ; C50 - Econometric Modeling. General
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10014444920