The article can be located here

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Please answer this question that are economic based:

1.This question is based on the article, "The COVID-19 Fiscal Multiplier: Lessons from the Great Recession," by Daniel J. Wilson, published on May 26, 2020, by the Federal Reserve Bank of San Francisco as part of itsEconomic Lettersseries. The article tries to assess the potential economic impact of the fiscal response to the COVID-19 pandemic. It draws parallels between the fiscal responses to the current downturn and to the Great Recession of 2008-2009 to estimate the potential range of the current fiscal multiplier and, thus, assess the extent of economic recovery in the coming quarters.

(a)According to the article, how do the sizes of the fiscal responses to the current downturn and to the Great Recession compare in terms of dollar value and as percent of GDP? [8]

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(b)According to the article, which component of the recent stimulus package had no counterpart in the 2008-2009 stimulus package? If that component is set aside, how does the composition of the rest of the fiscal response to COVID-19 compare with the composition of the fiscal response to the Great Recession? [8]

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(c)The article mentions that the fiscal multiplier rises as the marginal propensity to consume (MPC) increases. Why does a rise in MPC increase the fiscal multiplier?[8]

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(d)According to the article, why is the MPC higher for"liquidity-constrained" householdscompared to those that have liquid assets or can easily borrow when needed? [7]

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