We use a detailed micro dataset on product availability to construct a direct high-frequency measure of consumer product shortages during the 2020-2021 pandemic. We document a widespread multi-fold rise in shortages in nearly all sectors early in the pandemic. Over time, the composition of...

We test for heterogeneity in the effects of the COVID-19 recession on young workers by estimating month-by-month effects of the pandemic on labor market outcomes among workers aged 15-19 and aged 20-24. We use CPS data from January 2016 to June 2021, limiting the sample to childless individuals...

Employment in STEM occupations suffered smaller peak-to-trough percentage declines than non-STEM occupations during the Great Recession and COVID-19 recession, suggesting a relative resiliency of STEM employment. We exploit the sudden peak-to-trough declines in STEM and non-STEM employment...

We propose a three-step factor-flows simulation-based approach to forecast the duration distribution of unemployment. Step 1: estimate individual transition hazards across employment, temporary layoff, permanent layoff, quitter, entrant, and out of the labor force, with each hazard depending on...

We summarize some of the early effects and discuss possible future effects of the COVID-19 pandemic and recession on the employment outcomes of older workers in the United States. We start by discussing what we know about how older workers faired in prior recessions in the United States and how...

This paper develops a search-and-matching model that incorporates temporary unemployment and applies the model to study the labor market dynamics of the COVID-19 recession in the US. We calibrate the model using panel data from the Current Population Survey for 2001-2019, and we find that the...

In the financial crisis and recession induced by the Covid-19 pandemic, many investment-grade firms became unable to borrow from securities markets. In response, the Fed not only reopened its commercial paper funding facility but also announced it would purchase newly issued and seasoned bonds...

The economic crisis associated with the emergence of the novel corona virus is unlike standard recessions. Demand for workers in high contact and inflexible service occupations has declined, while parental supply of labor has been reduced by lack of access to reliable child care and in-person...

Advanced economies borrowed substantially during the Covid recession to fund their fiscal policy. The Covid recession differed from the Great Recession in that sovereign debt markets remained calm and spreads barely responded. We study the experience of Greece, the most extreme manifestation of...

An emerging literature documents the many challenges faced by college students during the COVID-19 pandemic. Little is known, however, about how students responded to the adversity. Focusing on two large Canadian universities, we provide some of the first evidence on the coping strategies...