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Three Lessons from Government Spending and the Post-Pandemic Recovery

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  • Pavlina R. Tcherneva

Abstract

The central lesson of the COVID-19 fiscal response is that money is not scarce. Without delay, governments around the world appropriated budgets that dwarfed any other postwar crisis policy. In 2020, Japan passed a stimulus package equal to 54.8 percent of GDP, while in the U.S., it was equivalent to 26.9 percent and in Canada to 20.1 percent. Italy, France, and Germany spent 10.1, 10.4, and 10.7 percent of GDP, respectively. Originally issued as EDI Working Paper No. 01, 2021.

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  • Pavlina R. Tcherneva, 2024. "Three Lessons from Government Spending and the Post-Pandemic Recovery," Economics Working Paper Archive wp_1059, Levy Economics Institute.
    • Handle: RePEc:lev:wrkpap:wp_1059
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    References listed on IDEAS

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    1. James B. Bullard, 2020. "Assessing Second-Quarter Unemployment amid the Pandemic," The Regional Economist, Federal Reserve Bank of St. Louis, vol. 28(2), May.
    2. Mosler, Warren & Silipo, Damiano B., 2017. "Maximizing price stability in a monetary economy," Journal of Policy Modeling, Elsevier, vol. 39(2), pages 272-289.
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