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1 Literature Review Andrey Shalnev Econ 138: Monetary and Fiscal Policy Professo r Tadle Novem ber 11, 20 21 2 Abstract The Covid -19 has become an eye -opener for many administrations regarding how pandemics get handled. Despite the warning signs being there since the announcement of the first case in China, many governments downplayed the situation. They did not formulate the prop er frameworks or policies to manage the situation. This paper will review the successful responses applied and those that took time to get implemented. The government that has been relatively successful such as New Zealand , offers a glimmer of hope that not all get lost despite the challenges that exist. The ten sources of information, including news sources, peer review documents, and articles written by emergency and response exper ts, will play a vital role in future research and innovation as they offer lessons and strategies that can work for governments. The foundation of the topic cannot be managed without reference from other scholars, as gaps and inconsistencies will always ex ist in available research. If conflicts exist in other studies and research, then the literature review will bring them together and identify new open questions that will change how COVID -19 is perceived. 3 Literature Review The literature for pandemic respo nse has gaps and inconsistencies that have made the response to the pandemic more difficult. The literature that exists does not cover many features and challenges that covid -19 presented. Therefore, the policies and regulations that governments have place d require an evaluation to ensure future pandemics are covered effectively to save lives and properties. According to Kim et al. 2020, the response to covid -19 was different in the develop ed world , compared to the developing world. The structures and gover nment institutions dedicated to healthcare , have a drastically better infrastructure and skilled experts in the developed world than in the countries of the developing world. The authors identify the effectiveness of curfews in the two categories and identify how ineffective it was i n the developing world. In the developed world, recommendations to use masks and sanitizers were well -received compared to the developing world, where inadequate health infrastructure led to countries relying on donations to keep lives safe. Regardless it was expected as for years and the developing world has neglected its health systems drastically , despite many chance s and opportunities to improve them. Barnett et al. 2020 provides an up -to-date review on the response to pandemic literature and develops a strategy that many institutio ns can implement to improve innovation and creativity. The authors identify a situational intelligence as a major causation as to why the response to the pandemic was completely ineffective. For example, the source of the Covid -19 is still unclear to th is day , meaning the situati onal intelligence is substantially low. The main reason 4 is poor inter -collaboration between governments and world health institutions. If the collaboration was effective, then the mutual aid would have been developed by the many governments involved , therefore the re are errors and inconsist encies in the response , are a result of poor involvement of local jurisdictions. Bloom et al. 2020 tackle the existing policies and regulations that have made the response to Covid -19 much easier. The first policy identifies the International Monetary Fund as th e main source of funds that many governments use to protect their citizens from the negative effects of the virus . Governments progressively opened the ir economies after policies that supported funding from the funding institution s, had increased. Otherwise, countries would have created local response systems to cater to the se inconsistencies. Fiscal policy was a vital element for developing a contingency fund , that ensure d a balance of payments both locally and internationally. Bordo and Duca et al. 2020 discusses the so urce of Covid -19 regression and how the FBI helped reduce the negative effects associated with the virus. The increase in criminal activities associated with regression of the virus needed an inter -agency response that would ensure computer systems that we re vulnerable during the covid period were secure . It is difficult for a united front to be produced by the FBI , if all parties were not involved. Decker et al. 2020 show that the labor market was negatively affected as many small – scale businesses as possible that make up the majority of employment opportunities , were forced to send m ajority if not all their workers on unpaid leave or terminated permanently . It is not a good image of the long -term sustenance of the economy. Federal regulators did not provide enough contingency funds to buffer small businesses from the n egative effects of COVID -19. 5 Chang et al. 2021 identify the incentives that the Covid -19 has brought to th is world, regardless of the negative effects of the pandemic. One of the major lessons learned from this pandemic , is that the health industry plays a vital r ole in developing the economy , regardless of low salar ies and remuneration s that many ha ve been receive d. The government should always be ready for the unexpected when it comes to health and liveliho od of its people. Diebold 2020 draws similarities and differences between the great recession and the covid -19 pandemic and how response strategies have changed over the years despite the increase in infrastructure and availability of a capable workforce. The role of technology is discussed in – depth, including the lessons learned. Technology helped in the decision -making processes as data and information collected over the years showed the areas that needed more investment and funding to prevent high death rates. Technology also protected the data and information of many employees and ensured there was no disruption of economic activity in many industries as workers remained healthy. According to Kaplan et al. 2020, the government’s stimulus was insufficient to all the problems that Covid -19 brought to the country. In comparison, the Covid -19 pandemic got e stimated to be a critical source for the increase of future budgets. For the first time, the American government might witness investments reaching more than 2 trillion dollars in healthcare infrastructure and research. Increasing spending is the major role of any stimul us as small businesses are the first victim of a recession , regardless of the level of economic disruptions. Many big corporations protect themselves from the effect of the Covid -19 pandemic , since they have set aside contingency funds and employed experts w ho will ensure gaps and inconsistencies in risk management will be effectively managed. The author identifies that the process of risk management was the root 6 of many problems that are asso ciated with the pandemic . The creation of a risk department has become necessary , regardle ss the size of the company. Economic output can increase more than 0.6% and ensure the government is not to blame for any d ecreases in employment opportunities. If the stimulus package continuously decreases taxes, then Foreign Direct Investments will fin d a place in the economy. The author recommends states carry out risk analysis in their departments to find the areas that are pulling the productivity low during times of nee ded increase in productivity. Analyzing the risk requires professionals , regardless of t he level of productivity. Leaders who can inspire and direct resources to the areas of most need , are necessary during a pandemic. Any misuse of resources pulls back the gains made by other agencies in the private or the public sec tor agencies. Despite the problem of available researc h, many countries could not manage the pressure s of protecting the ir citizens from all the negative effects of the Covid -19. All the literature materials used in this paper offer a wide range of positives that can enhance the management of such d ire emergencies. Therefore, the pandemic should act as a source of education and training for future ins tances that may arise . The education and training that many people need to have the right emotional response during high -stress situations , was a major review by Abrams et al. 2020. The materials utilized as a response to the organizational development programs that the authors present to countries and institutions. The authors identify the pandemic as a source of confusion and involuntary change in the workplace that can lead to long -term challenges that might req uire heavy investment within a short period of time that will ca use drastic decreases in all business sectors . Although Rogers et al. 2020 does not focus on the needs of the pandemic, the authors provide a risk assessment that estimates the number of jobs 7 and livelihoods that w ould be at stake when a p andemic occurs. In conclusion, the pandemic provided many unique situation s for many countries, that shows investment in healthcare ha ve not been met the r equirements needed during a situation as the Covid -19 has presented . It is, therefore, the role and responsibility of all the agencies and institutions involved in ad vising those in authority , to provide data and information that will ensure informed decision -making is possible for the sake of not only busines ses but the lives of peo ple in all par ts of the world . 8 References Abrams, E., Libgober, J., & List, J. A. (2020, June 1). Research registries: Facts, myths, and possible improvements. NBER. Ret rieved September 25, 2021, from https://www.nber.org/papers/w27250. Alon, T., Kim, M., Lagakos, D., & VanVuren, M. (2020, June 1). How should policy responses to the COVID -19 pandemic differ in the developing world? NBER. Retrieved September 25, 2021, fro m http://www.nber.org/papers/w27273. Barnett, M., Buchak, G., & Yannelis, C. (2020, June 1). Epidemic responses under uncertainty. NBER. Retrieved September 25, 2021, from https://www.nber.org/papers/w27289. Bloom, D. E., Kuhn, M., & Prettner, K. (2020, August 31). Modern infectious diseases: Macroeconomic impacts and policy responses. NBER. Retrieved September 25, 2021, from https://www.nber.org/papers/w27757. Bordo, M. D., & Duca, J. V. (2020, November 16). How New Fed corporate bond programs dampened the financial accelerator in the covid -19 recession. NBER. Retrieved September 25, 2021, from https://www.nber.org/papers/w28097. Cajner, T., Crane, L. D., Decke r, R. A., Grigsby, J., Hamins -Puertolas, A., Hurst, E., Kurz, C., & Yildirmaz, A. (2020, May 18). The U.S. labor market during the beginning of the 9 pandemic recession. NBER. Retrieved September 25, 2021, from http://www.nber.org/papers/w27159. Chang, R., Martínez, H., & Velasco, A. (2021, April 5). Pandemics, incentives, and economic policy: A dynamic model. NBER. Retrieved September 25, 2021, from https://www.nber.org/papers/w28636. Diebold, F. X. (2020, July 6). Real -time real economic activity: Exiting the great recession and entering the pandemic recession. NBER. Retrieved September 25, 2021, from https://www.nber.org/papers/w27482. Kaplan, G., Moll, B., & Violante, G. L. (2020, September 7). The Great Lockdown and the big stimulus: Tracing the pandem ic possibility frontier for the U.S. NBER. Retrieved September 25, 2021, from http://www.nber.org/papers/w27794. Rogers, J., Ma, C., & Zhou, S. (n.d.). Modern Pandemics: Recession and Recovery. FED Reserve.gov. Retrieved from https://www.federalreserve.go v/econres/ifdp/files/ifdp1295.pdf.
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