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Key Methods That CBO Used to Estimate the Effects of Pandemic-Related Legislation on Output: Working Paper 2020-07

Author

Listed:
  • John Seliski
  • Aaron Betz
  • Yiqun Gloria Chen
  • U. Devrim Demirel

Abstract

This paper describes key methods that the Congressional Budget Office used to estimate the effects on real (inflation-adjusted) output, or gross domestic product, of the laws enacted in response to the 2020 coronavirus pandemic. Taken together, that legislation substantially changed policies governing taxes and spending and provided significant financial support to households, businesses, and state and local governments through various channels. To quantify the short-term effects that those laws had on output by means of their influence on overall demand for goods and

Suggested Citation

  • John Seliski & Aaron Betz & Yiqun Gloria Chen & U. Devrim Demirel, 2020. "Key Methods That CBO Used to Estimate the Effects of Pandemic-Related Legislation on Output: Working Paper 2020-07," Working Papers 56612, Congressional Budget Office.
    • Handle: RePEc:cbo:wpaper:56612
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    File URL: https://www.cbo.gov/system/files/2020-10/56612-Key-Methods.pdf
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    Cited by:

    1. David Hudgins & Patrick M. Crowley, 2023. "Resilient Control for Macroeconomic Models," Computational Economics, Springer;Society for Computational Economics, vol. 61(4), pages 1403-1431, April.

    More about this item

    JEL classification:

    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General
    • H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
    • J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search

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