Teaching the effect of COVID-19 with a manageable model

Sebastien Charles, Thomas Dallery and Jonathan Marie

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Abstract: This note has one main ambition. It seeks to provide a very simple macroeconomic framework to explain the 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 involving two recessive shocks simultaneously. Besides, 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.

Keywords: COVID-19; lockdown; recession; simultaneous shocks (search for similar items in EconPapers)
Date: 2020-05-17
Note: View the original document on HAL open archive server: https://hal.science/hal-02610519
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Working Paper: Teaching the effect of COVID-19 with a manageable model (2020)
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