Table 2.

An extended framework for stabilization policies

Macro-level Demand-side policies		Micro-level Supply-side policies
Monetary Conventional 1	Fiscal Conventional 2	Fiscal Unconventional 3	Structural Unconventional 4
Interest rates (open market operations, discount rates, etc.)	Infrastructure projects (roads, digitization, etc.)	Taxes firm level (temporary increased deduction possibilities for investments and VC, temporary abolishment and deferrals, carry back/carry forward, etc.)	Efficiency evaluation of support measures
Provide liquidity	Housing	Furlough wages, subsidies, knowledge upgrading	Support to R&D, innovation activities, new firms
Financial market stability	Tax policies	Subsidies related to reduced revenue, lockdowns, etc	Labor market regulations
Unconventional		State-guaranteed loans, “forgiveness loans”	Competition, regulation of markets
Quantitative easing, helicopter money, etc	Temporarily lowered VAT, etc		Bankruptcy regulations, insolvency