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<p>We assess the economic impact of the fiscal expansion in response to the COVID-19 pandemic, using Slovenia as a representative small-open economy and calibrate a large-scale DSGE model by closely matching the estimated fiscal multipliers. A simulated three-scenario fiscal expansion analysis documents that a government consumption shock explains a large part of domestic fluctuations, compared to other unanticipated fiscal developments. The results also highlight the role played by private-government consumption complementarity as key transmission channel of fiscal shocks on the real business cycle.</p>

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Impact of Fiscal Measures in Response to the COVID-19 Pandemic on Small-Open Economies: Lessons from Slovenia

  • 期刊论文

  • 发表日期：

    2025年7月1日

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  • Filippo Arigoni,
  • Miha Breznikar,
  • Črt Lenarčič,
  • Matjaž Maletič

摘要

We assess the economic impact of the fiscal expansion in response to the COVID-19 pandemic, using Slovenia as a representative small-open economy and calibrate a large-scale DSGE model by closely matching the estimated fiscal multipliers. A simulated three-scenario fiscal expansion analysis documents that a government consumption shock explains a large part of domestic fluctuations, compared to other unanticipated fiscal developments. The results also highlight the role played by private-government consumption complementarity as key transmission channel of fiscal shocks on the real business cycle.