scispace - formally typeset
Search or ask a question
Book

Mitigating the COVID economic crisis: act fast and do whatever it takes

TL;DR: The case for decisive and coordinated fiscal stimulus is overwhelming as mentioned in this paper, leading economists from around the world are calling for swift policy action to mitigate the economic damage from the global pandemic.
Abstract: "Leading economists from around the world are calling for swift policy action to mitigate the economic damage from the global pandemic. In this second eBook on the coronavirus from CEPR and Vox, the experts are unanimous that the case for decisive and coordinated fiscal stimulus is overwhelming."
Citations
More filters
Journal ArticleDOI
TL;DR: In this article, market reactions to the 2019 novel coronavirus disease (COVID-19) provide new insights into how real shocks and financial policies drive firm value, and the results illustrate how anticipated real effects from the health crisis, a rare disaster, were amplified through financial channels.
Abstract: Market reactions to the 2019 novel coronavirus disease (COVID-19) provide new insights into how real shocks and financial policies drive firm value. Initially, internationally oriented firms, especially those more exposed to trade with China, underperformed. As the virus spread to Europe and the United States, corporate debt and cash holdings emerged as important value drivers, relevant even after the Fed intervened in the bond market. The content and tone of conference calls mirror this development over time. Overall, the results illustrate how anticipated real effects from the health crisis, a rare disaster, were amplified through financial channels.

634 citations

Journal ArticleDOI
TL;DR: The severe limitation of people movements following the PL and the subsequent TL determined a significant reduction of pollutants concentration mainly due to vehicular traffic and led to an appreciable drop in SO2 only in the city of Milan while it remained unchanged in the adjacent areas.

453 citations

Journal ArticleDOI
TL;DR: In this article, market reactions to the 2019 novel coronavirus disease (COVID-19) provide new insights into how real shocks and financial policies drive firm value, and the results illustrate how anticipated real effects from the health crisis, a rare disaster, were amplified through financial channels.
Abstract: Market reactions to the 2019 novel coronavirus disease (COVID-19) provide new insights into how real shocks and financial policies drive firm value. Initially, internationally oriented firms, especially those more exposed to trade with China, underperformed. As the virus spread to Europe and the United States, corporate debt and cash holdings emerged as important value drivers, relevant even after the Fed intervened in the bond market. The content and tone of conference calls mirror this development over time. Overall, the results illustrate how anticipated real effects from the health crisis, a rare disaster, were amplified through financial channels.

297 citations

Journal ArticleDOI
TL;DR: In this paper, the authors highlight the immediate impacts of the COVID-19 pandemic on the hospitality workforce in situ between mid-April and June 2020 and question whether the situations faced by hospitality workers as a result of the pandemic are seed-change different from the precarious lives they normally lead or just a (loud) amplification of the "normal".
Abstract: Purpose: The purpose of this paper is to highlight the immediate impacts of the COVID-19 pandemic on the hospitality workforce in situ between mid-April and June 2020. Design/methodology/approach: This is a viewpoint paper that brings together a variety of sources and intelligence relating the impacts on hospitality work of the COVID-19 pandemic at three levels: macro (global, policy, government), meso (organisational) and micro (employee). It questions whether the situations faced by hospitality workers as a result of the pandemic are seed-change different from the precarious lives they normally lead or just a (loud) amplification of the “normal”. Findings: In light of the fluid environment relating to COVID-19, conclusions are tentative and question whether hospitality stakeholders, particularly consumers, governments and the industry itself, will emerge from the pandemic with changed attitudes to hospitality work and hospitality workers. Practical implications: This raises questions about hospitality work for key stakeholders to address in the future, some of which are systemic in terms of how precarious labour forces, critical to the global economy are to be considered by policy makers, organisations in a re-emerging competitive market for talent and for those who chose (or not) to work in hospitality. Social implications: This paper contributes to ongoing debates about precarious work and the extent to which such practices are institutionalised and adopts an “amplification model” that may have value in futures-orientated analysis about hospitality and tourism. Originality/value: This paper is wholly original and a reflection on the COVID-19 crisis. It provides a point of wider reference with regard to responses to crises and their impact on employment in hospitality, highlighting how ongoing change, fluidity and uncertainty serve to magnify and exacerbate the precarious nature of work in the industry.

247 citations

Journal ArticleDOI
TL;DR: This research content is granted for free by Elsevier to make all its COVID-19-related research that is available on the CO VID-19 resource centre immediately available in PubMed Central and other publicly funded repositories with rights for unrestricted research re-use and analyses.

218 citations

References
More filters
Journal ArticleDOI
TL;DR: The epidemiological, clinical, laboratory, and radiological characteristics and treatment and clinical outcomes of patients with laboratory-confirmed 2019-nCoV infection in Wuhan, China, were reported.

36,578 citations

Journal ArticleDOI
TL;DR: Eichengreen et al. as discussed by the authors evaluated the causes and consequences of episodes of turbulence in foreign exchange markets using data from 1959 through 1993 for twenty OECD countries, and concluded that there are no clear early warning signals of many speculative attacks, and no easy solutions for policy-makers.
Abstract: Exchange market mayhem The antecedents and aftermath of speculative attacks This paper evaluates the causes and consequences of episodes of turbulence in foreign exchange markets. Using data from 1959 through 1993 for twenty OECD countries, we consider the antecedents and aftermath of devaluations and revaluations, flotations, fixings and speculative attacks (which may not be successful). We find that realignments of fixed exchange rates are alike: devaluations are preceded by political instability, budget and current account deficits, and fast growth of money and prices. Revaluations are mirror images of devaluations. Speculative attacks resemble devaluations, but money growth and inflation are more endemic and there is no last-minute attempt to tighten monetary policy. In contrast, few consistent correlations link regime transitions like flotations or fixings to macroeconomic or political variables. Transitions between exchange rate regimes are largely idiosyncratic, and are neither consistently provoked ex ante by systematic imbalances, nor typically justified ex post by subsequent changes in policy. We conclude that there are no clear early warning signals of many speculative attacks, and no easy solutions for policy-makers. — Barry Eichengreen, Andrew K. Rose and Charles Wyplosz

1,267 citations

Journal ArticleDOI
TL;DR: In this article, the authors focus on the costs of public debt when safe interest rates are low and develop four main arguments for public debt rollovers, including the existence of multiple equilibria where investors believe debt to be risky and, by requiring a risk premium, increase the fiscal burden and make debt effectively more risky.
Abstract: This lecture focuses on the costs of public debt when safe interest rates are low. I develop four main arguments. First, I show that the current US situation, in which safe interest rates are expected to remain below growth rates for a long time, is more the historical norm than the exception. If the future is like the past, this implies that debt rollovers, that is the issuance of debt without a later increase in taxes, may well be feasible. Put bluntly, public debt may have no fiscal cost. Second, even in the absence of fiscal costs, public debt reduces capital accumulation, and may therefore have welfare costs. I show that welfare costs may be smaller than typically assumed. The reason is that the safe rate is the risk-adjusted rate of return to capital. If it is lower than the growth rate, it indicates that the risk-adjusted rate of return to capital is in fact low. The average risky rate however also plays a role. I show how both the average risky rate and the average safe rate determine welfare outcomes. Third, I look at the evidence on the average risky rate, i.e., the average marginal product of capital. While the measured rate of earnings has been and is still quite high, the evidence from asset markets suggests that the marginal product of capital may be lower, with the difference reflecting either mismeasurement of capital or rents. This matters for debt: the lower the marginal product, the lower the welfare cost of debt. Fourth, I discuss a number of arguments against high public debt, and in particular the existence of multiple equilibria where investors believe debt to be risky and, by requiring a risk premium, increase the fiscal burden and make debt effectively more risky. This is a very relevant argument, but it does not have straightforward implications for the appropriate level of debt. My purpose in the lecture is not to argue for more public debt, especially in the current political environment. It is to have a richer discussion of the costs of debt and of fiscal policy than is currently the case.

437 citations

Journal ArticleDOI
TL;DR: This paper showed that young businesses exhibit very different cyclical dynamics than small/older businesses and that the collapse in housing prices accounts for a significant part of the large decline of young/small businesses in the Great Recession.
Abstract: There remains considerable debate in the theoretical and empirical literature about the differences in the cyclical dynamics of firms by firm size. This paper contributes to the debate in two ways. First, the key distinction between firm size and firm age is introduced. The evidence presented in this paper shows that young businesses (that are typically small) exhibit very different cyclical dynamics than small/older businesses. The second contribution is to present evidence and explore explanations for the finding that young/small businesses were hit especially hard in the Great Recession. The collapse in housing prices accounts for a significant part of the large decline of young/small businesses in the Great Recession.

332 citations

Related Papers (5)