The Effects of Fiscal Measures during COVID‐19
利用52个国家2020年每日财政政策公告和高频经济指标，发现财政公告能刺激经济、提振信心、降低失业，但效果因措施类型和国家特征而异。
Abstract This paper empirically examines the effects of fiscal measures during COVID‐19, using a novel database of daily fiscal policy announcements—classified by type of fiscal measure—and high‐frequency economic indicators for 52 countries from January 1 to December 31, 2020. Results suggest that fiscal policy announcements have been effective in stimulating economic activity, boosting confidence, and reducing unemployment, but their effect varies by type of measure and country characteristics. Emergency lifeline measures are more effective when containment policies are stringent, providing cashflow support to most affected firms and households. Demand support measures are more effective when containment measures are relaxed.