| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28704 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w28704 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586377 |
| 推荐引用方式 GB/T 7714 | Francisco J. Buera,Roberto N. Fattal-Jaef,Hugo Hopenhayn,et al. The Economic Ripple Effects of COVID-19. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28704.pdf（1235KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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