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Lessons from Fiscal Policy in the Pandemic: The ODE Distinguished Economist Award Lecture

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  • Christina D. Romer

Abstract

This lecture examines the lessons learned from the fiscal policy response to the Covid-19 pandemic. For each lesson, it discusses how the pandemic experience corroborates or contradicts earlier evidence on the efficacy and optimal design of fiscal policy. It also considers whether the lessons from the pandemic are likely to carry over to future recessions.

Suggested Citation

  • Christina D. Romer, 2022. "Lessons from Fiscal Policy in the Pandemic: The ODE Distinguished Economist Award Lecture," The American Economist, Sage Publications, vol. 67(2), pages 164-182, October.
    • Handle: RePEc:sae:amerec:v:67:y:2022:i:2:p:164-182
    DOI: 10.1177/05694345221104978
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    References listed on IDEAS

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    1. Olivier J Blanchard, 2019. "Public Debt: Fiscal and Welfare Costs in a Time of Low Interest Rates," Policy Briefs PB19-2, Peterson Institute for International Economics.
    2. Olivier Coibion & Yuriy Gorodnichenko & Michael Weber, 2020. "How Did U.S. Consumers Use Their Stimulus Payments?," Working Papers 2020-109, Becker Friedman Institute for Research In Economics.
    3. Olivier Blanchard, 2019. "Public Debt and Low Interest Rates," American Economic Review, American Economic Association, vol. 109(4), pages 1197-1229, April.
    4. Ganong, Peter & Noel, Pascal & Vavra, Joseph, 2020. "US unemployment insurance replacement rates during the pandemic," Journal of Public Economics, Elsevier, vol. 191(C).
    5. Christina D. Romer & David H. Romer, 2018. "Phillips Lecture – Why Some Times Are Different: Macroeconomic Policy and the Aftermath of Financial Crises," Economica, London School of Economics and Political Science, vol. 85(337), pages 1-40, January.
    6. Christina D. Romer & David H. Romer, 2010. "The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks," American Economic Review, American Economic Association, vol. 100(3), pages 763-801, June.
    7. Gabriel Chodorow-Reich & Laura Feiveson & Zachary Liscow & William Gui Woolston, 2012. "Does State Fiscal Relief during Recessions Increase Employment? Evidence from the American Recovery and Reinvestment Act," American Economic Journal: Economic Policy, American Economic Association, vol. 4(3), pages 118-145, August.
    8. Peter Ganong & Fiona Greig & Max Liebeskind & Pascal Noel & Daniel Sullivan & Joseph Vavra, 2021. "Spending and Job Search Impacts of Expanded Unemployment Benefits: Evidence from Administrative Micro Data," Working Papers 2021-19, Becker Friedman Institute for Research In Economics.
    9. Joshua K. Hausman, 2016. "Fiscal Policy and Economic Recovery: The Case of the 1936 Veterans' Bonus," American Economic Review, American Economic Association, vol. 106(4), pages 1100-1143, April.
    10. Christina D. Romer & David H. Romer, 2022. "A Social Insurance Perspective on Pandemic Fiscal Policy: Implications for Unemployment Insurance and Hazard Pay," Journal of Economic Perspectives, American Economic Association, vol. 36(2), pages 3-28, Spring.
    11. Christina D. Romer & David H. Romer, 2019. "Fiscal Space and the Aftermath of Financial Crises: How It Matters and Why," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 50(1 (Spring), pages 239-331.
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    Keywords

    Fiscal policy; pandemic; debt;
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