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The Pandemic and its Aftermath

In: The Great Economic Slowdown

Author

Listed:
  • Edmund Phelps

    (Columbia University)

  • Hian Teck Hoon

    (Singapore Management University)

  • Gylfi Zoega

    (University of Iceland)

Abstract

Some of the effects of the pandemic within the models of the book are described. The first effect is the increase in public debt, which raises real interest rates, lowers stock prices and raises markups of price over marginal cost. The other is the increased use of connective technologies, which have the effect of increasing the use of homes in production—the equivalent of a helicopter drop of capital. This lowers the real rates of interest and the rental for housing, which makes people move to bigger homes.

Suggested Citation

  • Edmund Phelps & Hian Teck Hoon & Gylfi Zoega, 2023. "The Pandemic and its Aftermath," Springer Books, in: The Great Economic Slowdown, chapter 7, pages 115-121, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-31441-4_7
    DOI: 10.1007/978-3-031-31441-4_7
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