| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16071 |
| DP16071 The Economic Ripple Effects of COVID-19 | |
| Francisco Buera; Roberto Fattal Jaef; Hugo Hopenhayn; Pablo Andrés Neumeyer; Yongseok Shin | |
| 发表日期 | 2021-04-25 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | What are the effects of a temporary lockdown of the economy? Do firms' deteriorating balance sheets and labor market frictions propagate and prolong the effects? We answer these questions in a model with financial and labor market frictions. The model makes quantitative predictions about the effect of lockdowns of varying magnitude and duration on output, employment and firm dynamics. We find that the effects are not persistent if (i) workers on temporary layoff can be recalled by their previous employers without having to go through the frictional labor market and (ii) the government provides employment subsidies to firms during the lockdown. However, the effects are heterogeneous and young non-essential firms are disproportionately affected. In addition, if lockdowns lead to more permanent reallocation across industries, the recession becomes more protracted. Although the paper is motivated by the lockdowns during the Covid-19 pandemic, the framework can be readily applied to large, temporary shocks of different nature. |
| 主题 | Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| URL | https://cepr.org/publications/dp16071 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/545049 |
| 推荐引用方式 GB/T 7714 | Francisco Buera,Roberto Fattal Jaef,Hugo Hopenhayn,et al. DP16071 The Economic Ripple Effects of COVID-19. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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