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Is the COVID-19 Pandemic a Supply or a Demand Shock?


  • Pedro Brinca
  • Joao B. Duarte
  • Miguel Faria-e-Castro


Labor supply shocks likely account for most of the fall in hours worked.

Suggested Citation

  • Pedro Brinca & Joao B. Duarte & Miguel Faria-e-Castro, 2020. "Is the COVID-19 Pandemic a Supply or a Demand Shock?," Economic Synopses, Federal Reserve Bank of St. Louis, issue 31, May.
  • Handle: RePEc:fip:fedles:88065
    DOI: 10.20955/es.2020.31

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    References listed on IDEAS

    1. Brinca, Pedro & Duarte, Joao B. & Faria-e-Castro, Miguel, 2021. "Measuring labor supply and demand shocks during COVID-19," European Economic Review, Elsevier, vol. 139(C).
    2. Asger Lau Andersen & Emil Toft Hansen & Niels Johannesen & Adam Sheridan, 2020. "Pandemic, Shutdown and Consumer Spending: Lessons from Scandinavian Policy Responses to COVID-19," Papers 2005.04630,
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