How fiscal support is boosting our COVID-19 recovery

Feb 8, 2022

People in face masks strolling in Piazza di Spagna, Rome, Italy during the Covid-19 pandemic.

Fiscal support is being used to help recovery from the COVID-19 pandemic. Image: Gabriella Clare Marino/Unsplash

Jonathan D. Ostry

Professor of the Practice of Economics, Georgetown University

Naihan Yang

Machine Learning Specialist, Ant Group

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Fiscal measures by type and debt-to-GDP.

Countries with relatively more space favored above-the-line measures Image: Deb et al. (2021)

Effect of fiscal measures on exchange rates and stock price indices.

The bar shows the effect after 30 days of fiscal policy announcements (as % of GDP) on bilateral exchange rates and stock price indices. Image: Deb et al. (2021).

Effect of fiscal measures on IP, PMI, CLI unemployment, and sovereign CDS spreads (% (LHS), percentage points (RHS).

The effect on the unemployment rate is in percentage points and presented on the right hand-side axis. Image: Deb et al. (2021)

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Effect of fiscal announcement shocks on IP, depending on country characteristics (%).

Light shaded bars denote no statistical significance. Image: Deb et al. (2021)

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Effect of fiscal announcement shocks on IP, by type and depending on the pandemic cycle (%).

High containment compared to low containment with fiscal policy effects. Image: Deb et al. (2021)

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