Purpose: When the coronavirus disease 2019 (COVID-19) pandemic seriously hit the USA, a lot of cities/states announced their lockdowns, in some cases forbidding employees to go to work. But workers in the so called “essential sectors” were exempt from the order, and on the contrary were...

By considering an economy in which there are traded and nontraded goods, wealth is held in the form of domestic money, bonds, or foreign bonds, and the foreign exchange market is of the dual rates regime with neutral intervention by the authorities, this paper shows that the financial exchange...