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Keywords:coronavirus 

Jobs Hardest Hit by the Pandemic

The COVID-19 pandemic has substantially affected labor markets. Which industries and occupations had the largest employment declines between February and April?
On the Economy

Discussion Paper
Businesses in the Tri-State Region Struggling to Weather the Coronavirus Outbreak

As a result of the coronavirus outbreak, New York State, New Jersey, and Connecticut have closed nonessential businesses and schools and asked residents to stay home in an effort to slow the spread of the virus. These actions are unprecedented, and the economic impacts are likely to be temporary but severe, and difficult to track and measure. With conditions changing so rapidly, timely data on the economic impacts of the outbreak and resultant policies on businesses and people are both scarce and important. In this post, we provide some very recent information on the economic effects of the ...
Liberty Street Economics , Paper 20200330a

Working Paper
The Distributional Effects of COVID-19 and Optimal Mitigation Policies

This paper develops a quantitative heterogeneous agent-life cycle model with a fully integrated epidemiological model in which economic decisions affect the spread of COVID-19 and vice versa. The calibrated model is used to study the distributional consequences and effectiveness of mitigation policies such as a stay-at-home subsidy and a stay-at-home order. First, the stay-at-home subsidy is preferred because it reduces deaths by more and output by less, leading to a larger average welfare gain that benefits all individuals. Second, Pareto-improving mitigation policies can reduce deaths by ...
Globalization Institute Working Papers , Paper 400

Discussion Paper
Treasury Market Liquidity during the COVID-19 Crisis

A key objective of recent Federal Reserve policy actions is to address the deterioration in financial market functioning. The U.S. Treasury securities market, in particular, has been the subject of Fed and market participants’ concerns, and the venue for some of the Fed’s initiatives. In this post, we evaluate a basic metric of market functioning for Treasury securities— market liquidity—through the first month of the Fed’s extraordinary actions. Our particular focus is on how liquidity in March 2020 compares to that observed over the past fifteen years, a period that includes the ...
Liberty Street Economics , Paper 20200417

Briefing
Impact of the COVID-19 Pandemic on New England Homeowners and Renters

Job losses and likely layoffs related to the COVID-19 pandemic will put many New England residents at risk of not being able to pay their mortgage or rent and needing financial assistance and state-government safeguards to remain in their homes. Economic interventions from Congress, primarily through the federal CARES Act, include direct payments to households and increased unemployment insurance benefits that are expected to provide vital support to many of these households for the next three to four months. Even with these efforts, 2 to 3 percent of New England homeowners and 9 to 13 ...
New England Public Policy Center Regional Brief , Paper 2020-02

Working Paper
The Distributional Effects of COVID-19 and Optimal Mitigation Policies

This paper develops a quantitative heterogeneous agent–life cycle model with a fully integrated epidemiological model in which economic decisions affect the spread of COVID-19 and vice versa. The calibrated model is used to study the distributional consequences and effectiveness of mitigation policies such as a stay-at-home subsidy and a stay-at-home order. First, the stay-at-home subsidy is preferred because it reduces deaths by more and output by less, leading to a larger average welfare gain that benefits all individuals. Second, Pareto-improving mitigation policies can reduce deaths by ...
Globalization Institute Working Papers , Paper 400

A Growing Trade Deficit? Medical Goods Imports Plays a Role

Typically, the U.S. trade deficit narrows during a recession. However, the deficit actually widened by about 20% from January to June.
On the Economy

A Tale of Two Business Cycles during the Pandemic

A Census household survey and BEA data on personal income paint different pictures of the U.S. economy.
On the Economy

The Pandemic's Impact on Municipal Bonds

Higher state and local expenditures related to COVID-19, a delayed tax-filing deadline and a lack of liquidity roiled the muni bond market in the early months of the pandemic.
On the Economy

The COVID-19 Recession in Historical Perspective

How severe is the COVID-19 recession across the globe? An analysis compares GDP growth forecasts for 2020 with historical growth rates for 155 countries.
On the Economy

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