Bekaert, Geert; Engstrom, Eric; Ermolov, Andrey - 2020
-19 pandemic. We attribute two thirds of the decline in 2020:Q1 GDP to a negative shock to aggregate demand. In contrast …, regarding the staggeringly large decline in GDP in 2020:Q2, we estimate two thirds of this shock was due to a reduction in … aggregate supply. Statistical analysis suggests a slow recovery due to a persistent effects of the supply shock, but surveys …