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COVID-19 and Public Support for the Euro

Roth, Felix ; Jonung, Lars LU and Most, Aisada (2023) In Working Papers
Abstract
The COVID-19 pandemic had disastrous effects on health and economic activity worldwide, including in the Euro Area. The application of mandatory lockdowns contributed to a sharp fall in production and a rise in unemployment, inducing an expansionary fiscal and monetary response. Using a uniquely large macro database, this paper examines the effects of the pandemic and the ensuing economic policies on public support for the common currency, the euro, as measured by the Eurobarometer survey. It finds that public support for the euro reached historically high levels in a majority of the 19 Euro Area member states in the midst of the pandemic. This finding suggests that the expansionary fiscal policies initiated at the EU level significantly... (More)
The COVID-19 pandemic had disastrous effects on health and economic activity worldwide, including in the Euro Area. The application of mandatory lockdowns contributed to a sharp fall in production and a rise in unemployment, inducing an expansionary fiscal and monetary response. Using a uniquely large macro database, this paper examines the effects of the pandemic and the ensuing economic policies on public support for the common currency, the euro, as measured by the Eurobarometer survey. It finds that public support for the euro reached historically high levels in a majority of the 19 Euro Area member states in the midst of the pandemic. This finding suggests that the expansionary fiscal policies initiated at the EU level significantly contributed to this outcome, while the monetary measures taken by the European Central Bank did not have a similar effect. (Less)
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author
; and
organization
publishing date
type
Working paper/Preprint
publication status
published
subject
keywords
COVID-19, lockdowns, support for the euro, unemployment, inflation, monetary policies, fiscal policies, EU, C23, E24, E42, E52, E62, I18
in
Working Papers
issue
2023:1
pages
41 pages
language
English
LU publication?
yes
id
864c6df4-078d-4a8e-82c5-0118fa604238
date added to LUP
2023-02-27 12:21:22
date last changed
2024-03-08 15:11:10
@misc{864c6df4-078d-4a8e-82c5-0118fa604238,
  abstract     = {{The COVID-19 pandemic had disastrous effects on health and economic activity worldwide, including in the Euro Area. The application of mandatory lockdowns contributed to a sharp fall in production and a rise in unemployment, inducing an expansionary fiscal and monetary response. Using a uniquely large macro database, this paper examines the effects of the pandemic and the ensuing economic policies on public support for the common currency, the euro, as measured by the Eurobarometer survey. It finds that public support for the euro reached historically high levels in a majority of the 19 Euro Area member states in the midst of the pandemic. This finding suggests that the expansionary fiscal policies initiated at the EU level significantly contributed to this outcome, while the monetary measures taken by the European Central Bank did not have a similar effect.}},
  author       = {{Roth, Felix and Jonung, Lars and Most, Aisada}},
  keywords     = {{COVID-19; lockdowns; support for the euro; unemployment; inflation; monetary policies; fiscal policies; EU; C23; E24; E42; E52; E62; I18}},
  language     = {{eng}},
  note         = {{Working Paper}},
  number       = {{2023:1}},
  series       = {{Working Papers}},
  title        = {{COVID-19 and Public Support for the Euro}},
  url          = {{https://lup.lub.lu.se/search/files/173497835/WP23_1.pdf}},
  year         = {{2023}},
}