Arbeitspapier
Gauging the effects of the German COVID-19 fiscal stimulus package
We simulate the fiscal stimulus packages set up by the German government to allevi-ate the costs of the COVID-19 pandemic in a dynamic New Keynesian multi-sectorgeneral equilibrium model. We find that, cumulated over 2020-2022, output lossesrelative to steady state can be reduced by more than 4 PP. On average, welfare costsof the pandemic can be mitigated by 5%, and even by 20% for liquidity-constrainedhouseholds. The long-run present value multiplier of the package amounts to 0.2. Consumption tax cuts and transfers to households primarily stabilize private con-sumption, and subsidies prevent firm defaults. The most cost-efficient measure isan increase in productivity-enhancing public investment. However, it materializesonly in the medium to long-term.
- ISBN
-
978-3-95729-851-5
- Sprache
-
Englisch
- Erschienen in
-
Series: Deutsche Bundesbank Discussion Paper ; No. 43/2021
- Klassifikation
-
Wirtschaft
Fiscal Policy
Fiscal Policies and Behavior of Economic Agents: General
- Thema
-
Fiscal Policy
COVID-19
DSGE Modelling
Sectoral Heterogeneity
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Hinterlang, Natascha
Moyen, Stéphane
Röhe, Oke
Stähler, Nikolai
- Ereignis
-
Veröffentlichung
- (wer)
-
Deutsche Bundesbank
- (wo)
-
Frankfurt a. M.
- (wann)
-
2021
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Hinterlang, Natascha
- Moyen, Stéphane
- Röhe, Oke
- Stähler, Nikolai
- Deutsche Bundesbank
Entstanden
- 2021
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