FIGURES & DATA
Interactions between fiscal and monetary policies: a brief history of a long relationship*
https://doi.org/10.3326/pse.45.4.2 | Published online: September 6, 2021
Fiscal stimulus during the pandemic (as percentage of GDP)1
1 Including health and non-health related spending measures announced through March 2021, based on IMF’s Fiscal Policies Database. For the European Recovery and Resilience Facility, 50% of grants assumed to be spent in 2021.
Sources: European Commission; IMF, Fiscal Policies Database; OECD; author’s calculations.
Monetary stimulus during the pandemic
1 Total assets; median values for eight advanced economies (AEs) and 22 emerging market economies (EMEs). EMEA = emerging Europe, Middle East and Africa.
Sources: IMF; national data; BIS, Database on monetary policy announcements during Covid-19; Cantu et al. (2021).
Government deficit and public debt (as a percentage of GDP)
Source: IMF (2021c).
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