COVID-19: A Make or Break Moment for Global Policy Making

Maffettone, Pietro; Oldani, Chiara

doi:10.2139/ssrn.3806418

Cited by 3 publications

(9 citation statements)

References 4 publications

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“…Canada is spending hundreds of billions of dollars on its stimulus package (DOFC, 2020a). Economists indicate that supporting near term growth may lead to amassing debt which could become unmanageable in the future, and puts undue pressure on future generations to pay for the current generation to maintain its status quo (Cross, 2020;DOFC, 2020a;IMF, 2020b;Maffettone & Oldani, 2020). By implementing fiscal austerity measures, which could include a combination of increased revenue generation through taxation on those that can afford it, and reduction in spending, the 'looming debt crisis' can be progressively managed through control and responsibility (IMF, 2020b; Maffettone & Oldani, 2020;Oliver, 2020).…”

Section: Cost-benefit Analysis Option 1: Austerity Measures Based On Traditional Economic Theoriesmentioning

confidence: 99%

“…Economists indicate that supporting near term growth may lead to amassing debt which could become unmanageable in the future, and puts undue pressure on future generations to pay for the current generation to maintain its status quo (Cross, 2020;DOFC, 2020a;IMF, 2020b;Maffettone & Oldani, 2020). By implementing fiscal austerity measures, which could include a combination of increased revenue generation through taxation on those that can afford it, and reduction in spending, the 'looming debt crisis' can be progressively managed through control and responsibility (IMF, 2020b; Maffettone & Oldani, 2020;Oliver, 2020). Increased expenditure to stimulate demand and output has been deemed unlikely to be successful when the virus continues to spread, since measures are designed in a way that means many cannot work, and spending works better when social distancing measures are not in place (Maffettone & Oldani, 2020).…”

Section: Cost-benefit Analysis Option 1: Austerity Measures Based On Traditional Economic Theoriesmentioning

confidence: 99%

“…In response to the first challenge, social distancing measures are the only known, effective method to reduce transmission (Comfort, Kapucu, Ko, Menoni, & Siciliano, 2020). To the second point, ethics are inextricably linked to decision-making when considering purely economic impacts against social welfare in the COVID-19 response (Maffettone & Oldani, 2020). Some governments such as those in the UK and Sweden had initially elected to limit policy interventions that would impact economic activity under the so-called 'herd-immunity' approach, while other governments such as France and Germany issued statements that economic cost would not be a consideration in health policy responses (Maffettone & Oldani, 2020).…”

Section: Introductionmentioning

confidence: 99%

“…To the second point, ethics are inextricably linked to decision-making when considering purely economic impacts against social welfare in the COVID-19 response (Maffettone & Oldani, 2020). Some governments such as those in the UK and Sweden had initially elected to limit policy interventions that would impact economic activity under the so-called 'herd-immunity' approach, while other governments such as France and Germany issued statements that economic cost would not be a consideration in health policy responses (Maffettone & Oldani, 2020). While it is clear that government policy has serious consequences for economic activity (Maffettone & Oldani, 2020), the economic impact of health policy has not reached consensus.…”

Section: Introductionmentioning

confidence: 99%

“…Some governments such as those in the UK and Sweden had initially elected to limit policy interventions that would impact economic activity under the so-called 'herd-immunity' approach, while other governments such as France and Germany issued statements that economic cost would not be a consideration in health policy responses (Maffettone & Oldani, 2020). While it is clear that government policy has serious consequences for economic activity (Maffettone & Oldani, 2020), the economic impact of health policy has not reached consensus. Some researchers conclude that early lockdown not only saved lives but that the 'lives versus livelihood' trade-off is a myth; the short term costs are outweighed by future economic benefits of strong public health (Balmford, Annan, Hargreaves, Altoè, & Bateman, 2020;IMF, 2020b).…”

Section: Introductionmentioning

confidence: 99%

See 4 more Smart Citations

Public Debt – Balloon or Anchor? A Macroeconomic Case Study of Canada’s Fiscal and Monetary Policy Response to COVID-19

Robertson

2021

International Journal of Applied Economics, Finance and Account

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New perspectives have emerged during the COVID-19 era on a longstanding dilemma regarding the best path to managing public debt. Two main schools of thought are evident in available literature: those that believe that a government must maintain fiscal responsibility by eventually reducing its debt levels through austerity measures; and those that believe, based on newer progressive economic theory, that large public debt is not only acceptable, but that government debt is crucial to a productive society. This article explores the case of Canada by reviewing the measures enacted in an attempt to mitigate the shock to the economy, and exploring the potential pros and cons of the two distinct policy options. It is proposed in this article, that the tenets of Modern Monetary Theory (MMT) should be considered as an innovative approach to ensuring appropriate use of available resources.Funding: This study received no specific financial support. Competing Interests: The author declares that there are no conflicts of interests regarding the publication of this paper.

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Section: Cost-benefit Analysis Option 1: Austerity Measures Based On Traditional Economic Theoriesmentioning

confidence: 99%

Section: Cost-benefit Analysis Option 1: Austerity Measures Based On Traditional Economic Theoriesmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 3 more Smart Citations

Public Debt – Balloon or Anchor? A Macroeconomic Case Study of Canada’s Fiscal and Monetary Policy Response to COVID-19

Robertson

2021

International Journal of Applied Economics, Finance and Account

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Coping with the COVID‐19 pandemic through institutional trust: Rally effects, compensatory control, and emotions

Roccato

Colloca

Cavazza

et al. 2021

Social Science Quarterly

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Objective: Exogenous shocks trigger rally effects, leading the public opinion toward increased trust in institutions. Rally effects have an important social function because they help society react to shocks rapidly and efficiently as a single unit and cohesively face the threat. However, little is known about the individual functions that these effects fulfil. In this study, we aimed to analyze the individual functions of the rally effect. Method: In a three-wave longitudinal study on a quota sample of the Italian adult population (N = 1070), we analyzed the individual consequences of the increase in institutional trust triggered by the COVID-19 pandemic. Results: A path analysis showed that increased trust in political, super partes and international institutions fostered well-being, reducing anxiety, collective angst, and anger via the mediation of participants' perceived control over their lives. Conclusion: Beyond their well-known social functions, rally effects fulfil the individual function of favoring people's psychological well-being.

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Tax Policy in the COVID-19 Pandemic: A Review of Publications in Leading Economic Journals

Vylkova

2022

Upravlencheskoe konsul'tirovanie

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In the context of the world-long coronavirus pandemic, it is now essential that it is successful to overcome, break out painlessly and restore economic growth as soon as possible. Tax policy has a significant place in solving these problems. The purpose of the review is to identify, generalize and interpret information on the nature, degree of systemicity, depth, quality, discussion, existing trends and trends, synergy of tax policy research in the conditions of the coronacism in leading economic journals to identify problematic and understudied areas of knowledge that are important for tax science and practice, which require an early solution and whose development is the most in-demand in modern historical conditions. The scientific community in any scientific industry, including the tax industry, is required to build a single interconnected system of dynamically and effectively developing knowledge, rather than simply producing a set of interesting but disparate ideas. The research methods are a strategy of identifying keywords and search terms from the sphere of taxation and pandemic, screening sources and their primary filtering, content analysis of selected articles, critical reflection of groups of articles. As a result, it has been revealed that the palette of tax problems in the covid-19 environment explored in the publications of leading economic journals is fairly broad, but it goes beyond the front, not ahead of it develop models of various forward-looking scenarios for alternative tax options in force majeure; a clear interpretation of the pandemic realities of the pressing problems of the tax agenda of the present historical moment; writing new reviews as tax publications emerge between Cand19 and the exit from the medical and economic crisis.

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COVID-19: A Make or Break Moment for Global Policy Making

Cited by 3 publications

References 4 publications

Public Debt – Balloon or Anchor? A Macroeconomic Case Study of Canada’s Fiscal and Monetary Policy Response to COVID-19

Public Debt – Balloon or Anchor? A Macroeconomic Case Study of Canada’s Fiscal and Monetary Policy Response to COVID-19

Coping with the COVID‐19 pandemic through institutional trust: Rally effects, compensatory control, and emotions

Tax Policy in the COVID-19 Pandemic: A Review of Publications in Leading Economic Journals

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