This paper provides estimates of the size and determinants of the fiscal policy response to the COVID-19 pandemic across thirty advanced economies. In contrast to the fiscal response to financial crises, I find no evidence that fiscal space was an important determinant of the aggressiveness of pandemic fiscal packages. Focusing in on the US fiscal policy response, I discuss the policy implications of the unique features of a pandemic recession. I argue that the social insurance and public health components of the $5.2 trillion US package, such as expanded unemployment insurance and government funding of vaccine development and distribution, were highly appropriate, whereas broad-based stimulus measures, such as the onetime payments to households, were not. Finally, I consider some of the longer-run consequences of the US fiscal policy actions. The aggressive fiscal expansion, along with extensive private saving during the pandemic, is likely to generate rapid growth over the next few years. The rise in the debt-to-GDP ratio, caused by both the policy response and the pandemic recession itself, could limit future fiscal action if anti-debt sentiment reemerges.

本文提供了对三十个发达经济体应对 COVID-19 大流行的财政政策规模和决定因素的估计。与对金融危机的财政反应相比，我没有发现任何证据表明财政空间是大流行性财政计划激进性的重要决定因素。着眼于美国的财政政策反应，我讨论了大流行性衰退的独特特征的政策含义。我认为，美国 5.2 万亿美元一揽子计划中的社会保险和公共卫生部分，例如扩大失业保险和政府资助疫苗开发和分发，是非常合适的，而基础广泛的刺激措施，例如一次性支付给家庭，不是。最后，我考虑了美国财政政策行动的一些长期后果。在大流行期间，激进的财政扩张以及大量的私人储蓄可能会在未来几年内产生快速增长。如果反债务情绪再次出现，由政策应对和大流行性衰退本身引起的债务与 GDP 比率的上升可能会限制未来的财政行动。