Journal Article

The COVID-19 Fiscal Multiplier: Lessons from the Great Recession


Abstract: The United States enacted a series of fiscal relief and stimulus bills in recent weeks, centered around the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The current fiscal response shares key similarities to the fiscal stimulus enacted during the Great Recession. Research over the past 10 years on the macroeconomic impact of that stimulus thus has important implications for the current fiscal response. The results point to a large potential impact on GDP.

Keywords: coronavirus; fiscal stimulus; Great Recession; macroeconomic impacts; CARES Act; covid19;

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Bibliographic Information

Provider: Federal Reserve Bank of San Francisco

Part of Series: FRBSF Economic Letter

Publication Date: 2020-May-26

Volume: 2020

Issue: 13

Pages: 5

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