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Pavlina R. Tcherneva — Three Lessons from Government Spending and the Post-Pandemic Recovery

Summary:
The central lesson of the COVID-19 fiscal response is that money is not scarce. Without delay, governments around the world appropriated budgets that dwarfed any other postwar crisis policy. In 2020, Japan passed a stimulus package equal to 54.8 percent of GDP, while in the U.S., it was equivalent to 26.9 percent and in Canada to 20.1 percent. Italy, France, and Germany spent 10.1, 10.4, and 10.7 percent of GDP, respectively (Dziedzicki et al. 2021).…Download file at link.EDI Resources DatabaseWP 01 Pavlina R. Tcherneva Three Lessons from Government Spending and the Post-Pandemic RecoveryPavlina R. Tcherneva. Bard College and Economic Democracy

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The central lesson of the COVID-19 fiscal response is that money is not scarce. Without delay, governments around the world appropriated budgets that dwarfed any other postwar crisis policy. In 2020, Japan passed a stimulus package equal to 54.8 percent of GDP, while in the U.S., it was equivalent to 26.9 percent and in Canada to 20.1 percent. Italy, France, and Germany spent 10.1, 10.4, and 10.7 percent of GDP, respectively (Dziedzicki et al. 2021).…
Download file at link.

EDI Resources Database
WP 01 Pavlina R. Tcherneva Three Lessons from Government Spending and the Post-Pandemic Recovery
Pavlina R. Tcherneva. Bard College and Economic Democracy Initiative
https://edi.bard.edu/research/notes/details/?id=984&prefurl=wp-01-tcherneva-three-lessons-from-government-spending-and-the-post-pandemic-recovery


Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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