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Macroeconomic Effects of Green Recovery Programs
This paper reviews the literature on (potential) green recovery measures in the context of the global financial crisis and
the COVID-19 pandemic, focusing on their macroeconomic effects. We find that spending for renewables and energy efficiency
is particularly promising with regard to macroeconomic impacts. Moreover, the empirical evidence suggests that green recovery
measures are associated with larger macroeconomic effects compared to conventional non-green recovery spending. We also derive
lessons learned with regard to open questions and issues as well as accompanying framework conditions which could enhance
a macroeconomically successful implementation of green recovery measures.
Keywords:Green recovery, Green multipliers, COVID-19 pandemic, Global financial crisis, Recovery packages
Forschungsbereich:Makroökonomie und öffentliche Finanzen – Klima-, Umwelt- und Ressourcenökonomie
Sprache:Englisch