Nearly a century after the Spanish flu of 1918, the world is confronting reverberations of the pandemic caused by the novel coronavirus, labeled as COVID-19. As time passes, there has been a serious loss of life and well-being all across the world. According to the latest data issued by the...

Are recessions drivers of structural change? Here we investigate the resilience of cities, and argue that a re-allocation of labour between industrial sectors in times of crisis induces an acceleration in structural change. Using UK data, we find that cities experienced a sharp increase in...

Building on a Lewis-type model of structural change and entrepreneurship we show how a global economic crisis consisting of a financial and a trade shock can undermine structural change in developing countries via the start-up and innovation activities of entrepreneurs. The model analytics...

We use a repeated large-scale survey of households in the Nielsen Homescan panel to characterize how labor markets are being affected by the covid-19 pandemic. We document several facts. First, job loss has been significantly larger than implied by new unemployment claims: we estimate 20 million...

This paper assesses the productivity puzzle critically and gives an outlook on the COVID-19 crisis. It offers two main conclusions. First, it posits that a large fraction of the productivity puzzle can be solved by incorporating intangible capital into the asset boundary of the national...

Since the outbreak of the COVID-19 pandemic, the Chinese government has been focusing its efforts on fostering the digital economy by emphasizing digital technologies such as artificial intelligence, cloud computing, big data and 5G.President Xi Jinping stressed the need to expand artificial...

Our article argues that the structure of the U.S. economy had already been damaged by the political promotion of disastrous trade deals.The trade deals caused the American economy to bifurcate into a component of big companies that benefit from global trade, and the rest of the economy that is...

For developed market economies, the corona crisis is a new type of crisis, but this crisis has parallels to economies at other times, and to crises at other places. We discuss some mechanisms from the traditional macro literature, and from the literature on macroeconomics for developing...