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Question 2 The U.S. economy was hit hard by the COVID-19 crisis in 2020, but managed...

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Economics

Question 2 The U.S. economy was hit hard by the COVID-19 crisis in 2020, but managed to achieve a GDP growth of 1.6% in the first quarter of 2021, while the EU was still struggling with a recession. While former President Trump claims that it was his strong leadership that created the growth in the U.S., various economists point to a U.S. economy that is more flexible than the European one, as well as to the large stimulus packages implemented by President Biden and the expansionary monetary policy pursued by the central bank. Analyze the short-term effects of a major drop in demand caused by declining investment, private consumption, and exports. Discuss whether expansionary fiscal and monetary policies make a difference.

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