In the aftermath of the COVID-19 pandemic, global economies faced unprecedented disruptions, including sharp declines in GDP, rising unemployment, and widespread financial instability. This paper conducts a comparative analysis of the fiscal and monetary responses implemented by Australia and the United States, focusing on post-2020. This study identifies key policy innovations using a mixed-method approachcombining policy document analysis, economic data comparison, and econometric modeling. It evaluates their short-term and long-term macroeconomic impacts. The findings reveal that Australia emphasized direct wage subsidies such as the JobKeeper program and implemented yield curve control to stabilize interest rates. In contrast, the United States prioritized large-scale stimulus packages, including direct household payments, and adopted aggressive monetary easing through quantitative easing. These divergent strategies influenced each countrys recovery trajectory, labor market resilience, inflationary pressures, and structural economic transformation. The study concludes by offering recommendations for optimizing future policy design to improve economic resilience and crisis preparedness.
Yile Wang (Wed,) studied this question.
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