Commentaries

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Senior Fellows/Fellows, 2020, Pandemic

With countries engaging in distancing and mobility-restriction measures to contain the spread of COVID-19, a central policy debate lies in the tradeoff between stringent public health interventions and the severe economic ramifications that come with those interventions…...
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Commentaries

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Senior Fellows/Fellows, 2020, Pandemic

On January 23, 2020, the Chinese government locked down the city of Wuhan (in Hubei Province). In subsequent days, similar measures were taken in other cities in Hubei and throughout China. This chapter documents several facts of the Chinese economy since the lockdown. The main findings are summariz...
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Commentaries

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2020, Pandemic

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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

We use daily transaction data in 214 cities to study the impact of COVID-19 on consumption after China’s outbreak in late January 2020. Based on difference-in-differences estimation, daily offline consumption—via UnionPay card and QR scanner transactions—fell by 32%, or 18.57 million RMB per c...
Keywords: COVID-19, Coronavirus, Pandemic, Consumption, economic impact, Policy response, fiscal stimulus, transaction data
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

Assessing the economic impact of the COVID-19 pandemic is essential for policymakers, but challenging because the crisis has unfolded with extreme speed. We identify three indicators – stock market volatility, newspaper-based economic uncertainty, and subjective uncertainty in business expectation...
Keywords: COVID-19, Pandemic, economic uncertainty
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