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This paper analyzes the economic impact of the pandemic, providing insights into the consequences of alternative policies. Our framework focuses on three key features: (a) Covid-19 is a sectoral shock of unknown depth and duration affecting some sectors and technologies more than others; (b)...
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Much of the new theory of macro-economics that has been built upon micro-economic models of imperfect information leads …
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theories. The paper summarizes the basic questions with which macro-economic theory should be concerned. Focusing on the labor …
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