Arbeitspapier

Extraordinary Measures: The Role of Debt Levels in Fiscal Policy Responses to Covid-19

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.

Language: Englisch

Bibliographic citation: Series: CESifo Working Paper ; No. 10852

Classification: Wirtschaft
Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General
National Government Expenditures and Related Policies: General
Econometric Modeling: General

Subject: Covid-19
fiscal policy
SVAR
fiscal space

Event: Geistige Schöpfung

(who): Elbourne, Adam
Piccillo, Giulia
Velentzas, Konstantinos

Event: Veröffentlichung

(who): Center for Economic Studies and ifo Institute (CESifo)

(where): Munich

(when): 2023

Handle: http://hdl.handle.net/10419/282540

Last update: 10.03.2025, 11:41 AM CET

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Arbeitspapier

Associated

Elbourne, Adam
Piccillo, Giulia
Velentzas, Konstantinos
Center for Economic Studies and ifo Institute (CESifo)

Time of origin

2023

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Extraordinary Measures: The Role of Debt Levels in Fiscal Policy Responses to Covid-19

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