The effectiveness of the fiscal policy response to COVID-19 through the lens of short and long run labor market effects of COVID-19 measures*
https://doi.org/10.3326/pse.46.1.2 | Published online: March 8, 2022 Table 1
Description of the variables
Figure 1
Difference between estimated and actual values of the change in the unemployment rate, 2020:Q1 and 2020:Q2 Figure 2
Discretionary fiscal response to the COVID-19 crisis as additional spending or foregone revenue in the non-health sector, as of September 11, 2020 (percentage of GDP) Figure 3
Estimated effectiveness of fiscal measures and discretionary fiscal response ratio, 2020:Q2 Source: Authors’ own calculation based on LFS unemployment data by Eurostat (2021) and IMF (2020). Figure 4
Cumulative difference of the labor effect on the growth of potential output between scenarios with and without fiscal measures for period 2021-2023 Source: Authors’ own calculation based on LFS unemployment data by Eurostat (2021) and Penn World Table (Feenstra, Inklaar and Timmer, 2015). Figure A1
Okun’s law in Austria Source: Authors’ own calculation based on Labor force survey (LFS) unemployment data by Eurostat (2021). Figure A2
Okun’s law in Belgium Source: Authors’ own calculation based on Labor force survey (LFS) unemployment data by Eurostat (2021). Figure A3
Okun’s law in Bulgaria Source: Authors’ own calculation based on Labor force survey (LFS) unemployment data by Eurostat (2021). Figure A4
Okun’s law in Croatia Source: Authors’ own calculation based on Labor force survey (LFS) unemployment data by Eurostat (2021). Figure A5
Okun’s law in Cyprus Source: Authors’ own calculation based on Labor force survey (LFS) unemployment data by Eurostat (2021). Figure A6
Okun’s law in Czechia Source: Authors’ own calculation based on Labor force survey (LFS) unemployment data by Eurostat (2021). Figure A7
Okun’s law in Denmark Source: Authors’ own calculation based on Labor force survey (LFS) unemployment data by Eurostat (2021). Figure A8
Okun’s law in Estonia Source: Authors’ own calculation based on Labor force survey (LFS) unemployment data by Eurostat (2021). Figure A9
Okun’s law in Finland Source: Authors’ own calculation based on Labor force survey (LFS) unemployment data by Eurostat (2021). Figure A10
Okun’s law in France Source: Authors’ own calculation based on Labor force survey (LFS) unemployment data by Eurostat (2021). Figure A11
Okun’s law in Germany Source: Authors’ own calculation based on Labor force survey (LFS) unemployment data by Eurostat (2021). Figure A12
Okun’s law in Greece Source: Authors’ own calculation based on Labor force survey (LFS) unemployment data by Eurostat (2021). Figure A13
Okun’s law in Hungary Source: Authors’ own calculation based on Labor force survey (LFS) unemployment data by Eurostat (2021). Figure A14
Okun’s law in Ireland Source: Authors’ own calculation based on Labor force survey (LFS) unemployment data by Eurostat (2021). Figure A15
Okun’s law in Italy Source: Authors’ own calculation based on Labor force survey (LFS) unemployment data by Eurostat (2021). Figure A16
Okun’s law in Latvia Source: Authors’ own calculation based on Labor force survey (LFS) unemployment data by Eurostat (2021). Figure A17
Okun’s law in Lithuania Figure A18
Okun’s law in Malta Source: Authors’ own calculation based on Labor force survey (LFS) unemployment data by Eurostat (2021). Figure A19
Okun’s law in Netherlands Source: Authors’ own calculation based on Labor force survey (LFS) unemployment data by Eurostat (2021). Figure A20
Okun’s law in Poland Source: Authors’ own calculation based on Labor force survey (LFS) unemployment data by Eurostat (2021). Figure A21
Okun’s law in Portugal Source: Authors’ own calculation based on Labor force survey (LFS) unemployment data by Eurostat (2021). Figure A22
Okun’s law in Romania Source: Authors’ own calculation based on Labor force survey (LFS) unemployment data by Eurostat (2021). Figure A23
Okun’s law in Slovakia Source: Authors’ own calculation based on Labor force survey (LFS) unemployment data by Eurostat (2021). Figure A24
Okun’s law in Slovenia Source: Authors’ own calculation based on Labor force survey (LFS) unemployment data by Eurostat (2021). Figure A25
Okun’s law in Spain Source: Authors’ own calculation based on Labor force survey (LFS) unemployment data by Eurostat (2021). Figure A26
Okun’s law in Sweden Source: Authors’ own calculation based on Labor force survey (LFS) unemployment data by Eurostat (2021). Table B1
Description of fiscal measures imposed to fight COVID-19 crisis
Source: IMF (2021).
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