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After the financial crisis of 2008, the United States encountered economic challenges again in 2019. During this time, a large number of problems ensued as a result of behaviors such as mandatory restrictions and voluntary behavioral changes by households and businesses, and the initial wave of COVID-19 infections led to a historic contraction of economic activity. In order to gain the experience and backbone to deal with the economic crisis calmly next time, it is desirable and effective to extract experiences and inspirations from past events. In that case, the troubles brought by major events and the solutions at that time are necessary to be analyzed. The Great Depression of 2008 and COVID-19 of 2019 brought a heavy blow to the economic market, and the different responses of the U.S. in the face of the blows of these two periods provide good examples for the study of monetary policy and fiscal policy. This paper focuses on the differences between monetary and fiscal policies on economic fluctuations in the United States at two important time points, 2008 and 2019. Through comparative analysis, it is concluded that monetary policy and fiscal policy have different manipulators and implementation targets, as well as different efficiency and flexibility in their roles.
Ziyi Wang (Mon,) studied this question.