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

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2023-06-01 DOI:10.1016/j.jmacro.2023.103522

Philipp Heimberger

引用次数: 3

Abstract

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.

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这一次确实有所不同:新冠肺炎危机期间财政政策的周期性行为

新冠肺炎危机期间的财政政策比之前的（危机）事件更具反周期性。本文在分析1995-2021年28个发达经济体财政政策的周期性行为的基础上，提出了有利于“这一次确实不同”的实证证据。新冠肺炎危机期间（2020年至2021年）的自由裁量财政政策在抵消衰退方面发挥了更大的作用，尤其是在欧元区，因为我们没有找到金融危机或欧元危机期间反周期性的可比证据。自动财政稳定器是财政政策的非自由裁量领域，在疫情期间为反周期稳定做出了重大贡献。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.