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Comparing the Macroeconomic Policy Measures across the G20 The Crisis Response is a Long-Term Marathon

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  • Lucia Granelli
  • Matteo Brunelli

Abstract

The international community acted swiftly to respond to the outbreak of the COVID-19 pandemic. In April 2020, G20 Finance Ministers and Central Bank Governors (FMCBGs) endorsed the “G20 Action Plan Supporting the Global Economy Through the COVID-19 Pandemic”. This paper compares and assesses the economic policy response to the COVID-19 crisis across all the G20 members, with a focus on the measures undertaken during the first six months after the outbreak of the pandemic. The analysis was made on the basis of the policy trackers developed by the IMF and OECD, on the mandate from the G20. The information retrieved and compiled from these sources was further augmented with information coming from other databases, reports, working documents, policy notes, and the authors’ own analytical work as appropriate. Building on the analysis developed, the paper distils a series of key take-aways on the global policy response to the COVID-19 pandemic.

Suggested Citation

  • Lucia Granelli & Matteo Brunelli, 2022. "Comparing the Macroeconomic Policy Measures across the G20 The Crisis Response is a Long-Term Marathon," European Economy - Discussion Papers 158, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    • Handle: RePEc:euf:dispap:158
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    References listed on IDEAS

    as
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    3. Glover, Andrew & Heathcote, Jonathan & Krueger, Dirk & Ríos-Rull, José-Víctor, 2023. "Health versus wealth: On the distributional effects of controlling a pandemic," Journal of Monetary Economics, Elsevier, vol. 140(C), pages 34-59.
    4. James H. Stock, 2020. "Data Gaps and the Policy Response to the Novel Coronavirus," NBER Working Papers 26902, National Bureau of Economic Research, Inc.
    5. Anna Maria C. Menichini, 2011. "Inter‐Firm Trade Finance in Times of Crisis," The World Economy, Wiley Blackwell, vol. 34(10), pages 1788-1808, October.
    6. Anmol Bhandari & David Evans & Mikhail Golosov & Thomas Sargent, 2019. "The Optimal Maturity of Government Debt," 2019 Meeting Papers 1011, Society for Economic Dynamics.
    7. Dorothée Rouzet & Aida Caldera Sánchez & Theodore Renault & Oliver Roehn, 2019. "Fiscal challenges and inclusive growth in ageing societies," OECD Economic Policy Papers 27, OECD Publishing.
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    More about this item

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • F01 - International Economics - - General - - - Global Outlook
    • H87 - Public Economics - - Miscellaneous Issues - - - International Fiscal Issues; International Public Goods

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