Monetary And Fiscal Complementarity In The Covid 19 Pandemic

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Monetary and Fiscal Complementarity in the Covid-19 Pandemic

Author : Jagjit Chadha
Publisher :
ISBN 13 : 9789289948111
Total Pages : pages
Book Rating : 4.9/5 (481 download)

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Book Synopsis Monetary and Fiscal Complementarity in the Covid-19 Pandemic by : Jagjit Chadha

Download or read book Monetary and Fiscal Complementarity in the Covid-19 Pandemic written by Jagjit Chadha and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In response to the coronavirus (Covid-19) pandemic, there has been a complementary approach to monetary and fiscal policy in the United States with the Federal Reserve System purchasing extraordinary quantities of securities and the government running a deficit of some 17% of projected GDP. The Federal Reserve pushed the discount rate close to zero and stabilised financial markets with emergency liquidity provided through a new open-ended long-term asset purchase programme. To capture the interventions, we develop a model in which the central bank uses reserves to buy much of the huge issuance of government bonds and this offsets the impact of shutdowns and lockdowns in the real economy. We show that these actions reduced lending costs and amplified the impact of supportive fiscal policies. We then run a counterfactual analysis which suggests that if the Federal Reserve had not intervened to such a degree, the economy may have experienced a significantly deeper contraction as a result from the Covid-19 pandemic.

Economic Policy and the Covid-19 Crisis

Author : Bernadette Andreosso-O'Callaghan
Publisher : Routledge
ISBN 13 : 1000461718
Total Pages : 214 pages
Book Rating : 4.0/5 (4 download)

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Book Synopsis Economic Policy and the Covid-19 Crisis by : Bernadette Andreosso-O'Callaghan

Download or read book Economic Policy and the Covid-19 Crisis written by Bernadette Andreosso-O'Callaghan and published by Routledge. This book was released on 2021-09-28 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers an assessment of the different monetary and fiscal policy responses that have been implemented by national governments in major European and Asian countries faced with the Covid-19 crisis since 2020; it also deals with the case of the US experience as a benchmarking example. The book provides a comprehensive cross-country comparative study on health crisis management at the macroeconomic level. Its focus on monetary and fiscal policies across different countries in Asia, Europe and the USA makes it unique. Divided into three parts following a general introduction that sets the context of the study, the book deals with the case of the USA, EU and European countries as well as with that of key Asian countries. Of specific relevance is the European Union and euro-area contexts that serve as a framework to the different EU national monetary and fiscal policy responses. Each chapter deals with a specific country, including Italy and the UK in Europe and Singapore and South Korea in Asia, and covers the following topics: the extent of the outbreak of the public health crisis and its macroeconomic impact; the comparative examination of fiscal and monetary policy responses to both crises; and an overall assessment of the effectiveness of these policies along with the public health policy to mitigate the economic impact. Given the unprecedented nature of the Covid-19 crisis, anyone eager to know more about its macroeconomic impact and ensuing policies in a comparative framework will be keen to read this book. It will be essential reading to any researcher, policy maker and/or analyst working in the area of public policy and is also a unique contribution to the field of European studies, Asian studies and Comparative Economic Studies.

The Economic and Financial Impacts of the COVID-19 Crisis Around the World

Author : Allen N. Berger
Publisher : Elsevier
ISBN 13 : 044315273X
Total Pages : 522 pages
Book Rating : 4.4/5 (431 download)

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Book Synopsis The Economic and Financial Impacts of the COVID-19 Crisis Around the World by : Allen N. Berger

Download or read book The Economic and Financial Impacts of the COVID-19 Crisis Around the World written by Allen N. Berger and published by Elsevier. This book was released on 2023-09-05 with total page 522 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Economic and Financial Impacts of the COVID-19 Crisis Around the World: Expect the Unexpected provides an informed, research-based in-depth understanding of the COVID-19 crisis, its impacts on households, nonfinancial firms, banks, and financial market participants, and the effectiveness of the reactions of governments and policymakers in the United States and around the world. It provides reflections and perspectives on the social costs and benefits of various policies undertaken and a toolkit of preventive measures to deal with crises beyond the COVID-19 crisis. Authors Allen N. Berger, Mustafa U. Karakaplan, and Raluca A. Roman apply their expertise to the research and data on the COVID-19 economic crisis as well as draw on their own rich research experience. They take a holistic approach that compares and contrasts this crisis with other economic and financial crises and assesses economic and financial behavior and government policies in the booms before crises and the aftermaths following them, as well as the crises themselves. They do all this with a keen eye on “Expecting the Unexpected future crises, and policies that might anticipate them and provide better outcomes for society. Serves as a compendium of available research and data on COVID-19, policies in response to the pandemic, and its effects on the real economy, banking sector, and financial markets Contextualizes the COVID-19 economic crisis by comparing it to two other global crises from the past: the Crash of 1929 and the Global Financial Crisis of 2007–2009 Helps illustrate how crises that originate in financial markets and in the banking sector differ from each other as well as from the COVID-19 crisis that harmed the real economy first Compares the policies and outcomes of nations to the COVID-19 pandemic and assesses their costs and benefits, with potential implications for prospective future crises

Macroeconomic Responses to the COVID-19 Pandemic

Author : Neven Vidaković
Publisher : Springer Nature
ISBN 13 : 3030754448
Total Pages : 379 pages
Book Rating : 4.0/5 (37 download)

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Book Synopsis Macroeconomic Responses to the COVID-19 Pandemic by : Neven Vidaković

Download or read book Macroeconomic Responses to the COVID-19 Pandemic written by Neven Vidaković and published by Springer Nature. This book was released on 2021-07-17 with total page 379 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines economic policies utilized within Southeast Europe in response to the COVID-19 pandemic. Covering countries both within and outside the European Union, the human and economic cost of the pandemic is calculated using macroeconomic models from a short and longer term perspective. The economic policies used during the pandemic are analyzed, alongside crisis management approaches, to highlight the effectiveness of monetary policy, fiscal policies and potential future economic solutions for the post COVID-19 period. This book aims to provide policy recommendations based on findings from Southeast Europe. It is relevant to researchers and policymakers involved in economic policy and the political economy, as well as anyone interested in the responses to the COVID-19 pandemic.

Monetary Policy and COVID-19

Author : Michal Brzoza-Brzezina
Publisher : International Monetary Fund
ISBN 13 : 1616356308
Total Pages : 42 pages
Book Rating : 4.6/5 (163 download)

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Book Synopsis Monetary Policy and COVID-19 by : Michal Brzoza-Brzezina

Download or read book Monetary Policy and COVID-19 written by Michal Brzoza-Brzezina and published by International Monetary Fund. This book was released on 2021-11-12 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the macroeconomic effects of the COVID-19 epidemic in a quantitative dynamic general equilibrium setup with nominal rigidities. We evaluate various containment policies and show that they allow to dramatically reduce the welfare cost of the disease. Then we investigate the role that monetary policy, in its capacity to manage aggregate demand, should play during the epidemic. According to our results, treating the observed output contraction as a standard recession leads to overly expansionary policy. Finally, we check how central banks should resolve the trade-off between stabilizing the economy and containing the epidemic. If no administrative restrictions are in place, the second motive prevails and, despite the deep recession, optimal monetary policy is in fact contractionary. Conversely, if sufficient containment measures are introduced, central bank interventions should be expansionary and help stabilize economic activity.

COVID-19 and Economic Policy Toward the New Normal

Author : Thomas Marmefelt
Publisher :
ISBN 13 : 9789284674459
Total Pages : pages
Book Rating : 4.6/5 (744 download)

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Book Synopsis COVID-19 and Economic Policy Toward the New Normal by : Thomas Marmefelt

Download or read book COVID-19 and Economic Policy Toward the New Normal written by Thomas Marmefelt and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Macro-Financial Stability in the COVID-19 Crisis: Some Reflections

Author : Mr. Tobias Adrian
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 27 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis Macro-Financial Stability in the COVID-19 Crisis: Some Reflections by : Mr. Tobias Adrian

Download or read book Macro-Financial Stability in the COVID-19 Crisis: Some Reflections written by Mr. Tobias Adrian and published by International Monetary Fund. This book was released on 2022-12-16 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial system has shown remarkable resilience during the COVID-19 pandemic, despite a sharp decline in economic activity and the initial financial market upheaval in March 2020. This paper takes stock of the factors that contributed to this resilience, focusing on the role of monetary and financial policies. In response to the pandemic-induced crisis, major central banks acted swiftly and decisively, cutting policy rates, introducing new asset purchase programs, providing liquidity support for the banking system, and creating several emergency facilities to sustain the flow of credit to the real economy. Several emerging market central banks also deployed asset purchase programs for the first time. While the pandemic crisis has underscored the importance of policies in preventing calamitous financial outcomes, it has also brought to the fore some unintended consequences of policy actions—in particular, of providing prolonged monetary policy support and applying regulation to specific segments of the financial system rather than taking a broader approach—that could undermine financial stability in the future.

Research on Pandemics

Author : Yezhou Sha
Publisher : Routledge
ISBN 13 : 1000483614
Total Pages : 306 pages
Book Rating : 4.0/5 (4 download)

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Book Synopsis Research on Pandemics by : Yezhou Sha

Download or read book Research on Pandemics written by Yezhou Sha and published by Routledge. This book was released on 2021-11-24 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: The lasting turmoil associated with the unprecedented pandemic, triggered by the novel corona virus COVID-19, has dragged the world into a mud of uncertainty. Fiscal stimulation, interest rate cuts, global supply-chain redeployment, "pandemic bond" and circuit breakers kicked in and the world is responding to this great challenge. But how can finance and economic research help the world under such circumstances? This book dwells on this new area of research and tries to understand how pandemics impact the economic and financial ecosystem of both emerging and advanced economies. Lessons learnt from the experience of previous pandemics maybe presented and discussed through drawing on policy lessons to date. By gathering research on political economy, geopolitical issues, behavioral finance, international institutional responses and medical and health issues resulting from pandemics, the chapters in this edited volume help in expanding the knowledge of social and economic consequences of the pandemic as well as set the foundation for future research. This book would benefit scholars, policy makers and entrepreneurs worldwide as a valuable archive of research on pandemics. The chapters in this book were originally published as a special issue of Emerging Markets Finance and Trade.

The Political Economy of Covid-19

Author : Jonathan Michie
Publisher : Taylor & Francis
ISBN 13 : 1000637778
Total Pages : 371 pages
Book Rating : 4.0/5 (6 download)

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Book Synopsis The Political Economy of Covid-19 by : Jonathan Michie

Download or read book The Political Economy of Covid-19 written by Jonathan Michie and published by Taylor & Francis. This book was released on 2022-08-18 with total page 371 pages. Available in PDF, EPUB and Kindle. Book excerpt: This comprehensive book brings together research published during 2021 analysing the impact of the Covid-19 pandemic on the economy – on output and employment, on inequality, and on public policy responses. The Covid-19 pandemic has been the greatest public health crisis for a century – since the ‘Spanish Flu’ pandemic of 1919. The economic impact has been equally seismic. While it is too early to measure the full economic cost – since much of this will continue to accumulate for some time to come – it will certainly be one of the greatest global economic shocks of the past century. Some chapters in this edited volume report on specific countries, while some take a comparative look between countries, and others analyse the impact upon the global economy. Even before the Covid-19 pandemic, there had been calls for a ‘great reset’ in face of the climate crisis, the increased income and wealth inequality, and the need to avoid further global financial crisis. With the devastating Covid-19 pandemic – a harbinger for further such pandemics – there is an even greater need for a reset, and for the reset to be that much greater. The chapters in this book were originally published as special issues in the journal International Review of Applied Economics.

The Determinants of Fiscal and Monetary Policies During the Covid-19 Crisis

Author : Efraim Benmelech
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (119 download)

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Book Synopsis The Determinants of Fiscal and Monetary Policies During the Covid-19 Crisis by : Efraim Benmelech

Download or read book The Determinants of Fiscal and Monetary Policies During the Covid-19 Crisis written by Efraim Benmelech and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: As countries around the world grapple with Covid-19, their economies are grinding to a halt. For the first time since the Great Depression both advanced economies and developing economies are in recession. Governments and central banks have responded to the pandemic and the economic crisis using both fiscal and monetary tools on a scale that the world has not witnessed before. This paper analyzes the determinants of fiscal and monetary policies during the Covid-19 crisis. We find that high-income countries announced larger fiscal policies than lower-income countries. We also find that a country's credit rating is the most important determinant of its fiscal spending during the pandemic. High-income countries entered the crisis with historically low interest rates and as a result were more likely to use nonconventional monetary policy tools. These findings raise the concern that countries with poor credit histories - those with lower credit ratings and, in particular, lower-income countries - will not be able to deploy fiscal policy tools effectively during economic crises.

The Impact of COVID-19 on Financial Markets and the Real Economy

Author : Ştefan Cristian Gherghina
Publisher : Mdpi AG
ISBN 13 : 9783036577968
Total Pages : 0 pages
Book Rating : 4.5/5 (779 download)

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Book Synopsis The Impact of COVID-19 on Financial Markets and the Real Economy by : Ştefan Cristian Gherghina

Download or read book The Impact of COVID-19 on Financial Markets and the Real Economy written by Ştefan Cristian Gherghina and published by Mdpi AG. This book was released on 2023-06-09 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This reprint comprises 17 papers published in the Special Issue entitled "The Impact of COVID-19 on Financial Markets and the Real Economy", centered on socioeconomic models affected by the pandemic (Vasin, 2022); the COVID-19 impact on various sectors or the economy as a whole, for instance in Canada (Singh et al., 2022), China (Habibi et al., 2022), Slovakia (Svabova et al., 2022), the United States (Rodousakis & Soklis, 2022) or Vietnam (Huynh et al., 2021; Nguyen et al., 2022); the benefits of teleworking on the continuity of operations across various sectors (Santos et al., 2022); research of the tourism and recreational possibilities of Russia and Kazakhstan's cross-border regions and the threats these areas faced during the pandemic (Tanina et al., 2022), the impact of the new coronavirus infection on the Russian labor market (Rodionov et al., 2022); the factors driving young Vietnamese people's intention to use financial technology in the context of the COVID-19 outbreak (Khuong et al., 2022) or those influencing access to credit for informal labor sector (Vu and Ho, 2022); predicting and analyzing Jordanian insurance firms' performance (Altarawneh et al., 2022) or developing an early warning system for solvency risk in the banking industry (Hidayat et al., 2022) during the COVID-19 pandemic; the impact of the pandemic on European stock markets (Keliuotyte-Staniuleniene and Kviklis, 2022); the drivers of cross-border mergers and acquisitions during the pandemic (Lee et al., 2021); examining the financial and fiscal variables of Ecuadorian economic groups (Tulcanaza-Prieto and Morocho-Cayamcela, 2021).

The Impact of COVID-19 on Financial Markets and the Real Economy

Author : Ştefan Cristian Gherghina
Publisher :
ISBN 13 : 9783036577975
Total Pages : 0 pages
Book Rating : 4.5/5 (779 download)

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Book Synopsis The Impact of COVID-19 on Financial Markets and the Real Economy by : Ştefan Cristian Gherghina

Download or read book The Impact of COVID-19 on Financial Markets and the Real Economy written by Ştefan Cristian Gherghina and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This reprint comprises 17 papers published in the Special Issue entitled "The Impact of COVID-19 on Financial Markets and the Real Economy", centered on socioeconomic models affected by the pandemic (Vasin, 2022); the COVID-19 impact on various sectors or the economy as a whole, for instance in Canada (Singh et al., 2022), China (Habibi et al., 2022), Slovakia (Svabova et al., 2022), the United States (Rodousakis & Soklis, 2022) or Vietnam (Huynh et al., 2021; Nguyen et al., 2022); the benefits of teleworking on the continuity of operations across various sectors (Santos et al., 2022); research of the tourism and recreational possibilities of Russia and Kazakhstan's cross-border regions and the threats these areas faced during the pandemic (Tanina et al., 2022), the impact of the new coronavirus infection on the Russian labor market (Rodionov et al., 2022); the factors driving young Vietnamese people's intention to use financial technology in the context of the COVID-19 outbreak (Khuong et al., 2022) or those influencing access to credit for informal labor sector (Vu and Ho, 2022); predicting and analyzing Jordanian insurance firms' performance (Altarawneh et al., 2022) or developing an early warning system for solvency risk in the banking industry (Hidayat et al., 2022) during the COVID-19 pandemic; the impact of the pandemic on European stock markets (Keliuotyte-Staniuleniene and Kviklis, 2022); the drivers of cross-border mergers and acquisitions during the pandemic (Lee et al., 2021); examining the financial and fiscal variables of Ecuadorian economic groups (Tulcanaza-Prieto and Morocho-Cayamcela, 2021).

Monetary Policy in Times of Crisis

Author : Massimo Rostagno
Publisher : Oxford University Press
ISBN 13 : 0192895915
Total Pages : 449 pages
Book Rating : 4.1/5 (928 download)

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Book Synopsis Monetary Policy in Times of Crisis by : Massimo Rostagno

Download or read book Monetary Policy in Times of Crisis written by Massimo Rostagno and published by Oxford University Press. This book was released on 2021 with total page 449 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first twenty years of the European Central Bank offer a unique insight into how a central bank can navigate macroeconomic insecurity and crisis. This volume examines the structures and decision-making processes behind the complex measures taken by the ECB to tackle some of the toughest economic challenges in the history of modern Europe.

The Financial Response to the COVID-19 Pandemic

Author : Michael S. Barr
Publisher :
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis The Financial Response to the COVID-19 Pandemic by : Michael S. Barr

Download or read book The Financial Response to the COVID-19 Pandemic written by Michael S. Barr and published by . This book was released on 2020 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: We are living through extraordinary times as the United States has struggled to deal with the global COVID-19 pandemic, and as of the writing of this paper, we remain in the midst of the crisis. We still do not know what the full economic and financial consequences of the pandemic will be, but they are likely to persist for an extended period, as many people are unlikely to return to normal work or consumption patterns soon, and household and business defaults are likely to increase and negatively affect the financial sector. This paper, written to assist faculty in teaching about the pandemic, focuses on key actions taken by the financial regulators in response to the crisis so far, giving a detailed summary of the actions taken by the Federal Reserve, the Treasury Department, and Congress. We discuss the Federal Reserve's monetary policy actions, emergency lending facilities, and supervisory forbearance by the federal banking agencies. We also provide a summary of financial provisions of the CARES Act, including an analysis of the Paycheck Protection Program. We explore a number of central themes already emerging, including the blurry line between monetary policy and fiscal policy. We also highlight the fact that unlike the Financial Crisis of 2008, today's economic crisis is caused by the failure to take sufficient public health actions to contain a global pandemic, not poor policy and risk choices in the financial markets; the fact that the crisis is caused by a public health failure poses unique problems for economic and financial policymakers in crafting responses.

Fiscal and Monetary Policy Initiatives by Major Economies to Address COVID-19

Author : James K. Jackson
Publisher :
ISBN 13 :
Total Pages : 6 pages
Book Rating : 4.:/5 (127 download)

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Book Synopsis Fiscal and Monetary Policy Initiatives by Major Economies to Address COVID-19 by : James K. Jackson

Download or read book Fiscal and Monetary Policy Initiatives by Major Economies to Address COVID-19 written by James K. Jackson and published by . This book was released on 2020 with total page 6 pages. Available in PDF, EPUB and Kindle. Book excerpt:

COVID-19

Author : Praew Grittayaphong
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis COVID-19 by : Praew Grittayaphong

Download or read book COVID-19 written by Praew Grittayaphong and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 pandemic is unlike any other crisis that we have experienced in that it hit all economies in the world at the same time, compromising the risk sharing ability of nations. At the onset of the pandemic, the World Bank (WB) and the International Monetary Fund (IMF) jointly pledged 1.16 trillion dollars to help emerging economies deal with COVID-19. Would this amount have been enough to preserve financial stability in a worst case scenario? What were the fiscal implications of the pandemic? In this paper we aim to answer these questions by documenting the size of the fiscal measures implemented by different countries, the aid they received from the IMF and the WB to finance those fiscal measures, the resulting changes in gross debt, debt composition and maturity, and fiscal deficits. We find that given the amount of debt that was maturing in Asia and Latin America in 2020 and 2021, if there had been a rollover crisis due to lack of demand for their newly issued debt, then what was pledge by the WB and IMF at the onset of the pandemic would not have been enough to preserve financial stability. However, there was no rollover crisis, and although fiscal deficits got considerable worse in 2020, they improved in 2021, albeit, leaving gross debt at higher levels than those observed pre-pandemic.

The Federal Reserve System Purposes and Functions

Author : Board of Governors of the Federal Reserve System
Publisher :
ISBN 13 : 9780894991967
Total Pages : 0 pages
Book Rating : 4.9/5 (919 download)

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Book Synopsis The Federal Reserve System Purposes and Functions by : Board of Governors of the Federal Reserve System

Download or read book The Federal Reserve System Purposes and Functions written by Board of Governors of the Federal Reserve System and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.