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Public policy response to the pandemic

In: The Economics of COVID-19

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Abstract

The public policy response to the pandemic requires a balancing of competing objectives involving public health and the economy. These objectives include, inter alia, (i) financing huge budget deficits caused by increasing spending to support unemployed workers and social safety nets; (ii) providing financial support for strained national healthcare systems; and (iii) implementing fiscal and monetary policies that support economic activity, while also assisting businesses experiencing financial distress. This chapter is about the response to the pandemic, starting with the public health response, which (in the absence of effective pharmaceutical treatments) takes the form of non-pharmaceutical intervention. It is demonstrated that when interest rates are already low or negative, the macroeconomic response mostly takes the form of a fiscal response. Another important issue covered in this chapter is that of the policy dilemma represented by the choice between human and economic fatality.

Suggested Citation

  • ., 2021. "Public policy response to the pandemic," Chapters, in: The Economics of COVID-19, chapter 4, pages 75-90, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:20266_4
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    Cited by:

    1. Tessa Buchanan & James Ackland & Sam Lloyd & Sander Linden & Lee de-Wit, 2022. "Clear consensus among international public for government action at COP26: patriotic and public health frames produce marginal gains in support," Climatic Change, Springer, vol. 170(3), pages 1-8, February.
    2. Zahniser, Steven, 2022. "COVID-19 Working Paper: U.S.-Mexico Agricultural Trade in 2020," USDA Miscellaneous 319354, United States Department of Agriculture.
    3. Christian Voegtlin & Andreas Georg Scherer & Günter K. Stahl & Olga Hawn, 2022. "Grand Societal Challenges and Responsible Innovation," Journal of Management Studies, Wiley Blackwell, vol. 59(1), pages 1-28, January.

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