This paper analyses the effects of containment measures and monetary and fiscal responses on US financial markets during the Covid-19 pandemic. More specifically, it applies fractional integration methods to analyse their impact on the daily S&P500, the US Treasury Bond Index (USTB), the S&P...

Based on national-level panel data from Centre for Monitoring Indian Economy (CMIE)'s Consumer Pyramids Household Survey (CPHS) database, this paper investigates the first effects of Covid-19 induced lockdown on employment and the gendered pattern of time allocation inside the home. Examining...

We estimate the causal effects of a pandemic-era wage subsidy program in Canada on job losses and business closures. Our estimates use administrative microdata and a regression discontinuity strategy to estimate the effects of marginal changes in the wage subsidy rate. The estimated net wage...

We build a no-arbitrage model of the yield curves in a heterogeneous monetary union with sovereign default risk, which can account for the asymmetric shifts in euro area yields during the Covid-19 pandemic. We derive an affine term structure solution, and decompose yields into term premium and...

Vietnam is widely praised for its successful fight against the COVID-19 pandemic. The country has had an extremely low mortality rate of 35 deaths to date (out of a population of approximately 100 million) and currently has no community transmission. We offer the first study that examines the...

COVID-19 substantially decreased employment, but the effects vary among demographic and socioeconomic groups. We document the employment losses in April 2020 across various groups using the U.S. Current Population Survey. The unemployment rate understates employment losses. We focus on the...

The highly dynamic nature of the COVID-19 crisis poses an unprecedented challenge to policy makers around the world to take appropriate income-stabilizing countermeasures. To properly design such policy measures, it is important to quantify their effects in real-time. However, data on the...

We analyse measures of internal flexibility taken to safeguard employment during the Coronavirus Crisis in comparison to the Great Recession. Cyclical working-time reductions are again a major factor in safeguarding employment. Whereas during the Great Recession all working-time instruments...

We show that the effectiveness of redistribution policy in stimulating the economy and improving welfare is directly tied to how much inflation it generates, which in turn hinges on monetary-fiscal adjustments that ultimately finance the transfers. We compare two distinct types of...

We use a repeated large-scale survey of households in the Nielsen Homescan panel to characterize how labor markets are being affected by the covid-19 pandemic. We document several facts. First, job loss has been significantly larger than implied by new unemployment claims: we estimate 20 million...