We build an arbitrage-based 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...

This paper investigates the importance of the age composition for pandemic policy design. To do so, it introduces an economic framework with age heterogeneity, individual choice, and incomplete information, emphasizing the value of testing. Calibrating the model to the US Covid-19 pandemic...

We measure whether religious people in the UK cope better during a large negative shock - the nationwide pandemic lockdowns. We use data from the Understanding Society longitudinal dataset, including self-reports on religion and religiosity taken before the pandemic, and mental health data on...