WPA for Today: Can the US Afford Economic Recovery?

McConnell, Scott

doi:10.2753/jei0021-3624480230

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“…Although COVID-19 pandemics have proposed challenges on economy and policy and made a brand-new circumstance, there could be reference on methodologies of overcoming the fiscal dilemma from a global perspective. According to McConnell, tracing from the Great Depression of the 1930s, 'emergency workers' were employed by the Federal Government under the especially created Works Progress Administration (WPA), and became an important part of the economic recovery [13]. Though civilian works programs include considering new recruits to the military following the US entry into World War II may not be appropriate to be replicated directly in the plight of the Great Recession of 2008, new forms of WPA aimed at breaking the dilemma of labor force participation rate due to effects of the recession on employment prospects could be considered, which fundamentally substituted an increase in fiscal expenditure.…”

Section: Literature Reviewmentioning

confidence: 99%

Analysis on the Post-COVID-19 Fiscal Policy Based on the Empirical Analysis of Financial Revenue and Expenditure

Yao¹

2020

Proceedings of the 2020 2nd International Conference on Economic Management and Cultural Industry (ICEMCI 2020)

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The monthly data of China's national financial revenue and expenditure from January, 2012 to December, 2019 have been collected in this thesis. ADF Test, Johansen Test and Granger Test based on the monthly data have been investigated and the Error Correction Model have been set up. Results show that a long-term equilibrium exists in the national financial revenue and expenditure in the corresponding period from January 2012 to December 2019. When short-term fluctuations of fiscal revenue and expenditure deviating from the long-term equilibrium, the ECM Model could provide an adjustment at the rate of -0.3359. The existence of the two-way causality between national financial expenditure and revenue implies that the series of fiscal policies focusing on tax-break and lowering cost issued since the Eighteenth National Congress of the CPC have provided an inner initiative in the growth of economic growth, resulting in positive effects on stimulating the growth of national economy and increasing the national financial revenue to certain extent. To restart the economy restrained by the COVID-19, it would be effective to issue the fiscal policy concerning an increase in financial expenditure.

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Section: Literature Reviewmentioning

confidence: 99%

Analysis on the Post-COVID-19 Fiscal Policy Based on the Empirical Analysis of Financial Revenue and Expenditure

Yao¹

2020

Proceedings of the 2020 2nd International Conference on Economic Management and Cultural Industry (ICEMCI 2020)

View full text Add to dashboard Cite

show abstract

WPA for Today: Can the US Afford Economic Recovery?

Cited by 1 publication

References 5 publications

Analysis on the Post-COVID-19 Fiscal Policy Based on the Empirical Analysis of Financial Revenue and Expenditure

Analysis on the Post-COVID-19 Fiscal Policy Based on the Empirical Analysis of Financial Revenue and Expenditure

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