A two-sector incomplete markets model with heterogeneous agents can be used to study the distributional effects of the COVID-19 lockdown. While negative aggregate welfare effects of the lockdown are unavoidable, the size of aggregate welfare effects as well as the distribution of the welfare...

Theorie des Allgemeinen Gleichgewichts -- Intertemporale Konsumnachfrage -- Das Ramsey–Modell -- Erweiterungen des Ramsey–Modells -- Wachstum -- Konjunkturelle Schwankungen -- Geld und Inflation im Ramsey–Modell -- Das Neukeynesianische Modell.