detrimental medium-term effects on output, unemployment, poverty, and inequality. However, policies can go a long way toward … relatively greater fiscal support. The increases in unemployment, poverty, and inequality are likewise lower for countries with …

unemployment by about 2.2 pp after five years. If sequencing is required, starting with PMRs would be more effective in boosting … output, while starting with LMRs would reduce unemployment faster. Finally, increasing unemployment benefits would be more …