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Testing policy effectiveness during COVID-19: An NK-DSGE analysis.
Sayar Ahmad Shah1, Bhavesh Garg1
1Humanities & Social Sciences, Indian Institute of Technology Ropar, Rupnagar 140001, India.
Journal of Asian Economics
|December 26, 2022
Summary
Monetary policy effectively boosts India
Area of Science:
- Economics
- Macroeconomics
- Public Policy
Background:
- The COVID-19 pandemic significantly disrupted India's economy.
- Understanding the efficacy of economic policies is crucial for recovery.
Purpose of the Study:
- To assess the effectiveness of fiscal and monetary policies in mitigating COVID-19's economic impact in India.
- To identify optimal policy combinations for economic revival.
Main Methods:
- Utilized the New Keynesian Dynamic Stochastic General Equilibrium (NK-DSGE) framework.
- Simulated the effects of expansionary monetary and fiscal policies.
Main Results:
- Expansionary monetary policy effectively revived economic growth from both demand and supply sides.
- Expansionary fiscal policy primarily benefited the supply side.
- A coordinated and staggered policy mix is recommended.
Conclusions:
- Monetary policy shows broader effectiveness in economic revival.
- Fiscal policy's impact is more supply-focused.
- Optimal policy coordination is key to mitigating pandemic's economic effects, boosting employment and capacity utilization with controlled inflation.
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