Fiscal and Monetary Policy Initiatives by Major Economies to Address COVID-19 [August 7, 2020] [open pdf - 717KB]
From the Overview: "In response to the pandemic-related collapse in global economic growth in the first half of 2020, national governments, central banks, and international organizations adopted unprecedented fiscal, monetary, and other measures to stabilize financial markets and stimulate growth. The policy responses directed at the initial liquidity crisis in the financial sector have also significantly raised government debt levels, pushed unemployment rates to their highest levels in a generation, and reduced global economic growth by an estimated 3.0% to 6.0%. The human costs in terms of lives lost could permanently affect global economic output in addition to the cost of rising poverty levels, lives upended, shuttered businesses, and increased social unrest. Given the evolving nature of the health crisis, the economic crisis may persist longer than most forecasters previously have assumed. [...] The challenge for policymakers is one of implementing targeted policies that address what had been expected to be short-term problems without creating distortions in economies that could outlast the impact of the virus. Many policymakers, however, have been overwhelmed by the quickly changing nature of the health crisis that has turned into a global trade and economic crisis."
CRS Insight, IN11477
Congressional Research Service: https://crsreports.congress.gov/