Teaching the Economic Impact of COVID-19 with a Simple Short-run Macro-model: Simultaneous Supply and Demand Shocks
Thomas Dallery and
Review of Political Economy, 2021, vol. 33, issue 3, 462-479
This short note has one main ambition. It seeks to provide students with a very simple macroeconomic framework to deal with the short-term economic impact of the COVID-19 pandemic. The explanation for the unprecedented magnitude of the recession over a short span of time is to be found in the peculiar form of the shock due to the various lockdowns. Indeed, the 2020 crisis is specific in that it involved two recessive shocks simultaneously: a demand shock superimposed on a supply shock. This model is original in that although it is driven by demand it is capable of dealing with supply issues without entailing any additional technical difficulties.
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Working Paper: Teaching the Economic Impact of COVID-19 with a Simple Short-run Macro-model: Simultaneous Supply and Demand Shocks (2021)
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