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Dealing with the COVID-19 pandemic in Slovenia : simulations with a macroeconometric model
ID
Weyerstrass, Klaus
(
Author
),
ID
Blueschke, Dmitri
(
Author
),
ID
Neck, Reinhard
(
Author
),
ID
Verbič, Miroslav
(
Author
)
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MD5: ECEA13C52CDD18860E0AD65A8E3F234B
URL - Source URL, Visit
https://link.springer.com/article/10.1007/s10663-023-09591-y
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Abstract
In this paper we analyse the effectiveness of fiscal policies with respect to macroeconomic stabilisation during the COVID-19 pandemic in the small open economy of Slovenia. Using SLOPOL11, an econometric model of the Slovenian economy, we simulate the development of the its economy during the 2020s under alternative assumptions about future pandemic-related shocks. We also determine optimal fiscal policies to combat the effects of the pandemic and to stabilise the economy under two scenarios for the future course of developments under COVID-19. Our simulations show that those public spending measures that entail both demand- and sup- ply-side effects are more effective at stimulating real GDP and increasing employ ment than pure demand-side measures. Successful stabilisation policies should thus contain a supply-side component in addition to a demand-side component.
Language:
English
Keywords:
macroeconomics
,
fiscal policy
,
tax policy
,
Slovenia
,
stabilisation policy
,
policy optimisation
,
public expenditure
,
demand management
,
supply-side policies
,
public debt
Work type:
Article
Typology:
1.01 - Original Scientific Article
Organization:
EF - School of Economics and Business
Publication status:
Published
Publication version:
Version of Record
Year:
2023
Number of pages:
Str. 863-881
Numbering:
Vol. 50
PID:
20.500.12556/RUL-159703
UDC:
330.3
ISSN on article:
0340-8744
DOI:
10.1007/s10663-023-09591-y
COBISS.SI-ID:
168526851
Publication date in RUL:
18.07.2024
Views:
142
Downloads:
28
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Record is a part of a journal
Title:
Empirica
Shortened title:
Empirica
Publisher:
Springer
ISSN:
0340-8744
COBISS.SI-ID:
29214465
Licences
License:
CC BY 4.0, Creative Commons Attribution 4.0 International
Link:
http://creativecommons.org/licenses/by/4.0/
Description:
This is the standard Creative Commons license that gives others maximum freedom to do what they want with the work as long as they credit the author.
Secondary language
Language:
Slovenian
Keywords:
makroekonomija
,
fiskalna politika
,
davčna politika
,
Slovenija
Projects
Funder:
FWF - Austrian Science Fund
Funding programme:
Austrian Science Fund (FWF)
Project number:
I 2764-G27
Name:
Public spending and fiscal multipliers under various policy mixes
Funder:
ARIS - Slovenian Research and Innovation Agency
Project number:
630-31/2016-1
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