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来源类型Working Paper
规范类型报告
DOI10.3386/w28704
来源IDWorking Paper 28704
The Economic Ripple Effects of COVID-19
Francisco J. Buera; Roberto N. Fattal-Jaef; Hugo Hopenhayn; P. Andres Neumeyer; Yongseok Shin
发表日期2021-04-26
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 ; Business Cycles ; Money and Interest Rates ; Industrial Organization ; Firm Behavior ; COVID-19
URLhttps://www.nber.org/papers/w28704
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/586377
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GB/T 7714
Francisco J. Buera,Roberto N. Fattal-Jaef,Hugo Hopenhayn,et al. The Economic Ripple Effects of COVID-19. 2021.
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