Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/282540 
Year of Publication: 
2023
Series/Report no.: 
CESifo Working Paper No. 10852
Publisher: 
Center for Economic Studies and ifo Institute (CESifo), Munich
Abstract: 
We use SVAR models for 18 economies to estimate how much fiscal policy deviated from pre-pandemic norms during the Covid-19 pandemic. For most countries, fiscal policy was more expansive than the pre-pandemic norm predicts based on the state of the economy during the pandemic. The size of the deviation from the pre-pandemic norm is not related to the level of government debt on the eve of the pandemic, as fiscal space concepts would predict.
Subjects: 
Covid-19
fiscal policy
SVAR
fiscal space
JEL: 
E60
H50
C50
Document Type: 
Working Paper
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