| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27461 |
| 来源ID | Working Paper 27461 |
| The Determinants of Fiscal and Monetary Policies During the Covid-19 Crisis | |
| Efraim Benmelech; Nitzan Tzur-Ilan | |
| 发表日期 | 2020-07-06 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | As countries around the world grapple with Covid-19, their economies are grinding to a halt. For the first time since the Great Depression both advanced economies and developing economies are in recession. Governments and central banks have responded to the pandemic and the economic crisis using both fiscal and monetary tools on a scale that the world has not witnessed before. This paper analyzes the determinants of fiscal and monetary policies during the Covid-19 crisis. We find that high-income countries announced larger fiscal policies than lower-income countries. We also find that a country’s credit rating is the most important determinant of its fiscal spending during the pandemic. High-income countries entered the crisis with historically low interest rates and as a result were more likely to use nonconventional monetary policy tools. These findings raise the concern that countries with poor credit histories – those with lower credit ratings and, in particular, lower-income countries – will not be able to deploy fiscal policy tools effectively during economic crises. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy ; Fiscal Policy ; Financial Economics ; Financial Institutions ; COVID-19 |
| URL | https://www.nber.org/papers/w27461 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585134 |
| 推荐引用方式 GB/T 7714 | Efraim Benmelech,Nitzan Tzur-Ilan. The Determinants of Fiscal and Monetary Policies During the Covid-19 Crisis. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w27461.pdf（628KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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