We investigate the role of global value chains in the declines of manufacturing employment and output in the U.S. during COVID-19. Specifically, we identify the role of global value chains by exploiting heterogeneity across industries in cross-country sourcing patterns and its interaction with...

Countries restrict the overall extent of international travel and migration to balance the expected costs and benefits of mobility. Given the ever-present threat of new, future pandemics, how should permanent restrictions on mobility respond? A simple theoretical framework predicts that reduced...