Using individual monthly panel data from December 2018 to December 2020, we estimate the impact of the Covid-19 pandemic and two lockdowns on the mental health and subjective well-being of German workers. Employing an event-study design using individual-specific fixed effects, we find that the...

In response to strong revenue and income losses that a large share of the self-employed faced during the COVID-19 pandemic, the German federal government introduced a €50bn emergency aid program. Based on real-time online-survey data comprising more than 20,000 observations, we analyze the...

The COVID-19 pandemic led to an unprecedented level of job losses in the U.S., where a job loss is also associated with the loss of health insurance. This paper uses data from the 2020 Household Pulse Survey (HPS) and difference-in-difference (DD) regressions to estimate the effect of the...

Was the $278 billion reboot of the $800 billion Paycheck Protection Program (PPP) in early 2021 disbursed equitably to minority communities? This paper provides the first analysis of how PPP funds were disbursed to minority communities in the third and final round of the program, which was...

It has been found that migrants and natives are affected differently by fluctuations in the business cycle. This paper analyses whether this is the case when considering the most recent economic downturn triggered by the Covid-19 pandemic. By using UK data, it finds that unemployment has...

Almost exactly two years ago COVID-19 spread to the United States. Following the federalism model, the 50 states and their governors and legislators made many of their own pandemic policy choices to mitigate the damage from the virus. States learned from one another over time about what policies...

We use micro data on earnings together with the details of each state's unemployment insurance (UI) system to compute the distribution of UI benefits after the uniform $600 Federal Pandemic Unemployment Compensation (FPUC) supplement implemented by the CARES Act. We find that between April and...

This paper studies job search behavior in the midst of a pandemic recession. We use long-running panel data from the Netherlands (LISS) and complement the core survey with our own COVID-specific module, conducted in June 2020, surveying job search effort of employed as well as unemployed...

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...

Enacted March 27, 2020, the Paycheck Protection Program (PPP) was the most ambitious and creative fiscal policy response to the Pandemic Recession in the United States. PPP offers forgivable loans - essentially grants - to businesses with 500 or fewer employees that meet certain requirements. In...