This time truly is different: The cyclical behaviour of fiscal policy during the Covid-19 crisis

被引：11

作者：

Heimberger, Philipp ^{[1
]}

机构：

[1] Vienna Inst Int Econ Studies wiiw, Vienna, Austria

来源：

JOURNAL OF MACROECONOMICS | 2023年 / 76卷

基金：

奥地利科学基金会;

关键词：

Fiscal policy; Covid-19; crisis; Financial crisis; Euro crisis; Automatic stabilisers; Discretionary fiscal policy; MONETARY INTEGRATION; DEBT;

D O I：

10.1016/j.jmacro.2023.103522

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Fiscal policy was more countercyclical during the Covid-19 crisis than in previous (crisis) episodes. This paper presents empirical evidence in favour of a "this time truly is different'' moment based on analysing the cyclical behaviour of fiscal policy for 28 advanced economies over 1995-2021. Discretionary fiscal policy during the Covid-19 crisis (2020-2021) did more to counteract the downturn - especially in the Eurozone -, as we do not find comparable evidence for countercyclicality during the financial crisis or Euro crisis. Automatic fiscal stabilisers, the non-discretionary domain of fiscal policy, significantly contributed to countercyclical stabilisation during the pandemic.

引用

页数：12

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