NO TEXTBOOK WAS ever written to tell economists what to do in the face of the extraordinary economic hiatus caused by covid-19. Yet as they consider the deserted malls, abandoned offices and billions of lives on hold, the overarching responsibilities of economic policymakers are clear. First, they must protect the incomes of those who cannot work during lockdowns through no fault of their own. Second, they must make sure that growth bounces back fast when daily life resumes.
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