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
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Englisch
- Bibliographic citation
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Series: CESifo Working Paper ; No. 10852
- Classification
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Wirtschaft
Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General
National Government Expenditures and Related Policies: General
Econometric Modeling: General
- Subject
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Covid-19
fiscal policy
SVAR
fiscal space
- Event
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Geistige Schöpfung
- (who)
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Elbourne, Adam
Piccillo, Giulia
Velentzas, Konstantinos
- Event
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Veröffentlichung
- (who)
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Center for Economic Studies and ifo Institute (CESifo)
- (where)
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Munich
- (when)
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2023
- Handle
- Last update
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10.03.2025, 11:41 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Elbourne, Adam
- Piccillo, Giulia
- Velentzas, Konstantinos
- Center for Economic Studies and ifo Institute (CESifo)
Time of origin
- 2023