Perspectives on Macroeconomic Policy Issues in the Post-Covid-19 Era
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At the onset of the COVID-19 crisis, most major economies could conduct large- scale expansionary fiscal polices thanks to the ultra-low interest rate environment. As such, the prospect of sustained expansionary fiscal policy to help economic recover after the COVID-19 critically depends on the movements of global interest rates going forward. This paper overviews the extent to which major economies increased debt levels in fighting against the COVID-19, and discusses the implications of the recent steep rise in US CPI inflation rate and the likely US monetary policy normalization.
Abstract
At the onset of the COVID-19 crisis, most major economies could conduct large- scale expansionary fiscal polices thanks to the ultra-low interest rate environment. As such, the prospect of sustained expansionary fiscal policy to help economic recover after the COVID-19 critically depends on the movements of global interest rates going forward. This paper overviews the extent to which major economies increased debt levels in fighting against the COVID-19, and discusses the implications of the recent steep rise in US CPI inflation rate and the likely US monetary policy normalization.