Tematica: Action Institute
This is a series of Specials to provide an overview of the COVID-19 pandemic, approaching it from different perspectives: from medical facts to health policy, from economic policy to macroeconomic issues, from politics to financial markets, from technology to the impact on businesses and more.
In this fifth issue you find a selection of papers and articles in the Economic Policy area.
“A temporary, common fiscal stimulus to answer the mayhem of COVID-19” (Bruegel, Francesco Papadia, April 2, 2020). The author explains how there is a need for a common fiscal policy across Europe to address the current emergency and how it can be implemented.
“Covid perpetual Eurobonds: jointly guaranteed and supported by the ECB” (Voxeu, Francesco Giavazzi and Guido Tabellini, March 24, 2020). The authors reflect on how to find the resources needed to tackle this crisis, and how Eurobonds can be an answer.
“The Federal Reserve, which already has moved aggressively, can do more for small businesses” (Brookings, Nellie Liang, March 30, 2020). The article lists the measures taken by the Fed, praising them, but arguing that it must continue to work for small businesses.
“Euro bailout chief sees hurdles to quick “coronabonds”” (Financial Times, Sam Fleming, March 31, 2020). The article describes how European political actors are moving to deal with the crisis at an economic level, analysing the various proposed instruments under discussion.
“UK bailout loans: paper tiger” (Financial Times, April 2, 2020). The article shows how the lack of clarity of the Bank of England’s new facility has caused enormous confusion and few concrete effects on the markets.
“US rescue plan must be transparent, consistent and fast” (Financial Times, Gillian Tett, April 2, 2020). The author briefly analyses the Paycheck Protection Plan launched by the US government and argues that the rescue package for bigger enterprises too must be clear, speedy and worker-focused.
“The fiscal response to the economic fallout from the Coronavirus” (Bruegel, Julia Anderson, March 30, 2020). The article lists and analyses the fiscal policy measures taken until April 1st by the major countries affected by the virus.
“How to pay for the pandemic” (The Economist, March 25, 2020). Given the uncertainty about the effects of the current wave of public debt, the article lists the three phases that this tool went through during the XX century and describes two possible future scenarios.
“Unemployment insurance as social protection and stimulus during the coronavirus crisis” (Brookings, Gary Burtless, March 30, 2020). After showing how unemployment insurance has worked in recent recessions, the report describes Unemployment Insurance key provisions passed by US Congress and their implementation challenges.
“Bills due on April 1st add to the financial strains of Covid-19” (The Economist, March 31, 2020). The article outlines the very delicate moment for the American real estate sector, since a majority of firms and household are likely not to pay rent or utility bills this month.
“Von der Leyen calls for ‘tangible’ solidarity on €100B jobs scheme” (Politico, Paola Tamma and Lili Bayer, April 2, 2020). The article describes the EU Commission proposal of an unemployment reinsurance scheme supporting the countries worst-hit by the Coronavirus crisis.
“The cure for the Coronavirus crisis: More trade or less?” (Politico, Barbara Moens, April 3, 2020). The author gives an overview of policymakers’ debate on which kind of trade policy to adopt as an answer to the Coronavirus crisis.
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