# -*- coding: cp1251 -*- Template-Type: ReDIF-Paper 1.0 Title: The research of the fiscal policy problems and experiences in context of spread of the coronavirus infection in 2020 Author-Name: Belev Sergey Author-Name-First: Sergey Author-Name-Last: Belev Author-Workplace-Name: Gaidar Institute for Economic Policy Author-Name: Moguchev Nikita Author-Name-First: Nikita Author-Name-Last: Moguchev Author-Workplace-Name: Gaidar Institute for Economic Policy Author-Name: Komarnitskaya Anna Author-Name-First: Anna Author-Name-Last: Komarnitskaya Author-Workplace-Name: RANEPA Author-Name: Tishchenko Tatiana Author-Name-First: Tatiana Author-Name-Last: Tishchenko Author-Workplace-Name: RANEPA Author-Name: Matveev E. Author-Name-First: E. Author-Name-Last: Matveev Author-Workplace-Name: RANEPA Abstract: This article presents the main results of research on the topic of the fiscal policy issues and experiences in the context of spread of the coronavirus infection in 2020. This article aims to analyze the effect of the adopted fiscal policy measures on the Russian economy. The main method to measure the performance of fiscal policy in the context of cyclical smoothing is to estimate the fiscal multipliers. The corresponding multipliers for the Russian Federation were calculated from the impulse response functions estimated using BVAR modeling. The values of the multipliers of expenditures on the national economy and of debt financed expenditures are sufficiently small, and multipliers of other categories of public expenditures are even negative. Thus, there is no reason to expect a significant increase in aggregate output from stimulating fiscal policy. Analysis of the policy of "tax holidays" for SMEs showed that the most affected categories of SMEs should be completely exempted from 2019- and 2020-year taxation. In this case budget tax expenses will be insignificant, and the number of bankruptcies will be reduced considerably. Unprecedented in its scale, terms, yields and currency structure, the borrowing policy in the fall of 2020 should be treated as successful. However, there are reasonable doubts that a combination of factors will make it possible to repeat the success in 2021. In this regard, the fiscal policy of the federal government should be adjusted in the following ways: the tax burden on the extraction of solid minerals should be increased, expenditure side of the budget should be optimized and the funds from the National welfare fund should be used to finance the federal budget deficit. Classification-JEL: I18, I19, L25, L26, E62, E63 Keywords: Russian economy, Covid-19, fiscal policy, SME sector Creation-Date: 2021 Revision-Date: 2021 Length: 62 pages File-URL: https://www.iep.ru/files/RePEc/gai/wpaper/wpaper-2022-1190.pdf File-Format: application/pdf File-Function: Revised Version, 2023 Handle: RePEc:gai:wpaper:wpaper-2022-1190