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Covid-19 fiscal support and its effectiveness
Alexander Chudik1, Kamiar Mohaddes2, Mehdi Raissi3
1Federal Reserve Bank of Dallas, USA.
Economics Letters
|December 21, 2022
Summary
Fiscal policy significantly mitigated Covid-19
Area of Science:
- Macroeconomics
- Econometrics
- International Finance
Background:
- The Covid-19 pandemic caused unprecedented global economic disruption.
- Discretionary fiscal policy was widely employed to counteract economic fallout.
- Understanding the macroeconomic impact of these fiscal actions is crucial.
Purpose of the Study:
- To quantify the macroeconomic effects of national fiscal policies during the Covid-19 pandemic.
- To assess the role of fiscal support in mitigating economic contractions.
- To examine the impact of global fiscal synchronization on emerging markets.
Main Methods:
- Utilized a threshold-augmented Global Vector Autoregression (GVAR) model.
- Analyzed discretionary fiscal actions and their macroeconomic consequences.
- Incorporated international spillover effects and financial market dynamics.
Main Results:
- Fiscal policy played a critical role in mitigating pandemic-induced economic downturns.
- Countries with larger fiscal support packages experienced smaller output contractions.
- Emerging markets benefited from global fiscal coordination via spillover channels and reduced market volatility.
Conclusions:
- Discretionary fiscal policy is an effective tool for macroeconomic stabilization during global crises.
- International policy coordination amplifies the positive effects of fiscal stimulus.
- The findings underscore the importance of proactive fiscal responses in managing pandemic-related economic shocks.
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