Motivated by the effects of the COVID-19 pandemic, we present a theory of Keynesian
supply shocks: shocks that reduce potential output in a sector of the economy, but that, by …

I study the effects of the 2020 coronavirus outbreak in the United States and subsequent
fiscal policy response in a nonlinear DSGE model. The pandemic is a shock to the utility of …

During the COVID-19 pandemic, the Federal Pandemic Unemployment Compensation
(FPUC) increased US unemployment benefits by $600 a week. Theory predicts that FPUC …

We study the effects of international supply chain disruptions on real economic activity and
prices during the Covid-19 pandemic. We show that US sectors with a high exposure to …

The COVID-19 pandemic induced an increase in both the amount of time that households
spend at home and the share of expenditures allocated to at-home consumption. These …

We show that the largest increase in unemployment benefits in US history had large
spending impacts and small job-finding impacts. This finding has three implications. First …

To provide economic relief following the onset of the COVID-19 pandemic, the US CARES
Act granted an extra $600 per week in unemployment insurance (UI) benefit payments from …

We report on the state of the labor market midway through the COVID recession, focusing
particularly on measuring market tightness. As we show using a simple model, tightness is …

We study the positive and normative implications of labor market policies that counteract the
economic fallout from containment measures during an epidemic. We incorporate a …

Economic analysis of effective policies for managing epidemics requires an integrated
economic and epidemiological approach. We develop and estimate a spatial, micro-founded …