Fiscal policy during a pandemic.
Fiscal policy during a pandemic.
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DOI：
10.1016/j.jedc.2021.104088
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发表时间：
2021-04
影响因子：
1.9
通讯作者：
Faria-E-Castro, Miguel
中科院分区：
文献类型：
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作者：
Faria-E-Castro, Miguel
我在一个非线性DSGE模型中研究了2020年美国冠状病毒爆发的影响以及随后的财政政策应对。疫情对接触密集型服务的效用造成冲击，并通过一般均衡传播到其他部门，引发深度衰退。我使用了一个与2020年美国失业率路径相匹配的校准模型来分析不同类型的财政政策。我发现，疫情冲击改变了政策乘数的排名。失业救济金是稳定借款人收入的最有效工具，他们在疫情期间受到的打击最大，而流动性援助计划是最有效的，如果政策目标是稳定受影响部门的就业。我还研究了2020年2.2万亿美元CARES法案的影响。
I study the effects of the 2020 coronavirus outbreak in the United States and subsequent fiscal policy response in a nonlinear DSGE model. The pandemic is a shock to the utility of contact-intensive services that propagates to other sectors via general equilibrium, triggering a deep recession. I use a calibrated version of the model that matches the path of the US unemployment rate in 2020 to analyze different types of fiscal policies. I find that the pandemic shock changes the ranking of policy multipliers. Unemployment benefits are the most effective tool to stabilize income for borrowers, who are the hardest hit during a pandemic, while liquidity assistance programs are the most effective if the policy objective is to stabilize employment in the affected sector. I also study the effects of the $2.2 trillion CARES Act of 2020.