The primary cause of the East Asian crisis was a fundamental reassessment of the profitability of investments in the region. As a policy response, temporary fiscal expansion generally appears preferable to monetary expansion or to permanent fiscal expansion.McKibbin and Martin identify as the...

We update the analysis of the global macroeconomic consequences of the COVID-19 pandemic in earlier papers by the authors with data as of late October 2020. It also extends the focus to Asian economies and explores four alternative policy interventions that are coordinated across all economies....