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We develop a tractable macroeconomic model with employment risk and labor market search in order evaluate the effects of labor market reform on unemployment, growth, and welfare. The model has a large number of risk-averse households who can invest in risk-free physical capital and risky human...
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economy that allows discerning between lockdown shocks and a real business cycle shocks. With this methodology at hand, we … then evaluate the impact of lockdown measures on economic uncertainty in a second step. Overall, we only find a moderate … policy uncertainty decreases after a lockdown shock. …
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the COVID-19 pandemic. It provides new empirical evidence for the regional differentiation of lockdown measures and …
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