Macroeconomic Implications of COVID-19: Can Negative Supply Shocks Cause Demand Shortages?
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We present a theory of Keynesian supply shocks: supply shocks that trigger changes in aggregate demand larger than the shocks themselves. We argue that the economic shocks associated to the COVID-19 epidemicshutdowns, layoffs, and firm exitsmay have this feature. In one-sector economies supply
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美国国家经济研究局创建时间：
2020-04-01
