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COVID-19 pandemic: overview of the fiscal policy response and macroeconomic developments in the Euro area and the United States

Author

Listed:
  • Marianthi Anastasatou

    (Bank of Greece)

  • Sofia Anyfantaki

    (Bank of Greece)

Abstract

The COVID-19 pandemic has had a profound impact on the European Union and the United States, with varying waves of severity and divergent progress in vaccination campaigns across regions. To address the short-term costs and potential long-term effects of the crisis, policymakers adopted support measures, particularly fiscal policies. This paper provides an overview of the fiscal support measures implemented, with a focus on the euro area and the United States. It also examines the impact of the pandemic and of support policies on the economies of both regions, as well as the ongoing economic recovery. By analysing the fiscal responses and the macroeconomic developments, this study aims to contribute to a better understanding of the diverse approaches taken by policymakers in combatting the COVID-19 crisis and mitigating its economic consequences.

Suggested Citation

  • Marianthi Anastasatou & Sofia Anyfantaki, 2023. "COVID-19 pandemic: overview of the fiscal policy response and macroeconomic developments in the Euro area and the United States," Economic Bulletin, Bank of Greece, issue 57, pages 47-65, July.
    • Handle: RePEc:bog:econbl:y:2023:i:57:p:47-65
    DOI: 10.52903/econbull20235703
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    More about this item

    Keywords

    COVID-19; fiscal support; economic recovery; labour productivity;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies
    • H51 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Health
    • J38 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Public Policy
    • J68 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Public Policy

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