of the disruption in production that started in China and then quickly spread across the world. We find that the COVID-19 … shock has a considerable impact on most economies in the world, especially when a share of the labor force is quarantined …

(in contrast to final goods trade) in transmitting the shock. In a hypothetical world without GVCs, the welfare loss due …

. The MP links significantly amplified the impact of these shocks on the rest of the world, which had a much greater impact …

due to a fiscal policy shock, as compared to when the rise in output is due to a positive technology shock. The cross …