Lessons Learned from the Breadth of Economic Policies during the Pandemic

April 27, 2022

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The first chapter traces the macroeconomic impact of the breadth of the economic policy responses that produced a recovery that, while stronger than generally anticipated and stronger than those of other advanced economies, has also been accompanied by an unwelcome increase in inflation. It includes a timeline of the pandemic period, featuring economic developments and policy changes. It will describe the composition of support to different sectors of the economy and highlight the aggregate effects of those policies on output, incomes, and poverty rates—offering perspective on how the pandemic uniquely shaped those effects. This chapter will also provide high-level comparisons of the extent of fiscal support in different countries. 

Chart showing percent change in total employment from business cycle peaks


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