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• W3132959771 abstract "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." @default.
• W3132959771 created "2021-03-01" @default.
• W3132959771 creator A5031580452 @default.
• W3132959771 date "2021-04-01" @default.
• W3132959771 modified "2023-10-05" @default.
• W3132959771 title "Fiscal policy during a pandemic" @default.
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• W3132959771 doi "https://doi.org/10.1016/j.jedc.2021.104088" @default.
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