Same old song: On the macroeconomic and distributional effects of leaving a Low Interest Rate Environment
In: Structural change and economic dynamics, Band 69, S. 552-570
ISSN: 1873-6017
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In: Structural change and economic dynamics, Band 69, S. 552-570
ISSN: 1873-6017
In: Research Policy, Band 51, Heft 8, S. 103990
This paper highlights some peculiar characteristics of the economic crisis induced by the spread of COVID-19. It suggests two intertwined policy measures in order to tackle the emergency phase of the crisis and to support the economy in the subsequent recovery phase. The proposed short-term policy measures offer policy responses in the event of a second wave of coronavirus infections in the coming months. In the aftermath of the emergency phase, the current proposal puts forward the implementation of a massive EU-wide recovery plan addressing the long-lasting technological and environmental challenges of these years, which will be financed by European institutions through the issuance of European Pandemic Recovery Bonds.
BASE
This paper highlights some peculiar characteristics of the economic crisis induced by the spread of COVID-19. It suggests two intertwined policy measures in order to tackle the emergency phase of the crisis and to support the economy in the subsequent recovery phase. The proposed short-term policy measures offer policy responses in the event of a second wave of coronavirus infections in the coming months. In the aftermath of the emergency phase, the current proposal puts forward the implementation of a massive EU-wide recovery plan addressing the long-lasting technological and environmental challenges of these years, which will be financed by European institutions through the issuance of European Pandemic Recovery Bonds.
BASE
This paper highlights some peculiar characteristics of the economic crisis induced by the spread of COVID-19. It suggests two intertwined policy measures in order to tackle the emergency phase of the crisis and to support the economy in the subsequent recovery phase. The proposed short-term policy measures offer policy responses in the event of a second wave of coronavirus infections in the coming months. In the aftermath of the emergency phase, the current proposal puts forward the implementation of a massive EU-wide recovery plan addressing the long-lasting technological and environmental challenges of these years, which will be financed by European institutions through the issuance of European Pandemic Recovery Bonds.
BASE
In this policy brief, we first highlight some peculiar characteristics, from an economic point of view, of the current Covid-19 crisis. We stress its exogenous and symmetric nature with respect to Eurozone countries, as well as the complex mix of supply and demand shocks it entails. Given these features, we then suggest two intertwined policy measures in order to tackle the emergency phase of the crisis and the subsequent recovery. We first advice the pervasive intervention of Eurozone governments in support of business and households income in the context of the "suspended" economy that measures against the diffusion of Covid-19 have forcefully given rise. We advise the ECB to monetize all public expenditures linked to this emergency plan by purchasing public bonds in the primary market, and to subsequently write them off or exclude these issuances from the computation of public debt-to-GDP ratios. With no signs of inflationary pressures coming, the ECB intervention would avoid Eurozone governments to pile up considerably higher stocks of debts and would help to bypass the current political impasse among Eurozone Member States as to the creation and realise of Eurobonds. In the aftermath of the emergency phase, we suggest the implementation of a massive Europe-wide recovery plan centred on public investment addressing the long-lasting technological and environmental challenges of these years, and financed by the European Investment bank through the issuance of Recovery Bonds.
BASE
This paper highlights some peculiar characteristics of the economic crisis induced by the spread of COVID-19. It suggests two intertwined policy measures in order to tackle the emergency phase of the crisis and to support the economy in the subsequent recovery phase. The proposed short-term policy measures offer policy responses in the event of a second wave of coronavirus infections in the coming months. In the aftermath of the emergency phase, the current proposal puts forward the implementation of a massive EU-wide recovery plan addressing the long-lasting technological and environmental challenges of these years, which will be financed by European institutions through the issuance of European Pandemic Recovery Bonds.
BASE
In: International journal of political economy: a journal of translations, Band 44, Heft 3, S. 196-227
ISSN: 1558-0970
In: STRECO_2023_01019
SSRN
In: Journal of economic dynamics & control, Band 82, S. 176
ISSN: 0165-1889
In: Journal of economic dynamics & control, Band 69, S. 375-408
ISSN: 0165-1889
In: Columbia Business School Research Paper No. 15-87
SSRN
Working paper