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  1. Addressing the pandemic's medium-term fallout in Australia and New Zealand
    Author: Bannister, Geoffrey J.; Finger, Harald; Kido, Yosuke; Kothari, Siddharth; Loukoianova, Elena
    Published: December 2020
    Publisher:  International Monetary Fund, [Washington, DC]

    While the world is focused on addressing the near-term ramifications of the COVID-19 shock, we turn attention to another important aspect of the pandemic: its fallout on medium-term potential output through scarring. Taking Australia and New Zealand... more

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    While the world is focused on addressing the near-term ramifications of the COVID-19 shock, we turn attention to another important aspect of the pandemic: its fallout on medium-term potential output through scarring. Taking Australia and New Zealand as examples, we show that the pandemic will likely have a large and persistent impact on potential output, broadly in line with the experience of advanced economies from past recessions. The impact is driven by employment, capital stock, and productivity losses in the wake of an unprecedented sectoral reallocation, hightened uncertainty, and reduced migration. Maintaining fiscal and monetary policy support until the recovery is firmly entrenched and putting in place a strong structural policy agenda to counter the pandemic's adverse effects on medium-term potential output will be important to support standards of living and strengthen economic resilience in case of renewed shocks

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781513563282
    Other identifier:
    Series: IMF working paper ; WP/20, 272
    Subjects: Potential output; scarring; COVID-19; advanced economies; Australia; NewZealand; Advanced Economies; COVID-19; Potential Output; Scarring
    Scope: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  2. Addressing the pandemic's medium-term fallout in Australia and New Zealand
    Author: Bannister, Geoffrey J.; Finger, Harald; Kido, Yosuke; Kothari, Siddharth; Loukoianova, Elena
    Published: December 2020
    Publisher:  International Monetary Fund, [Washington, DC]

    While the world is focused on addressing the near-term ramifications of the COVID-19 shock, we turn attention to another important aspect of the pandemic: its fallout on medium-term potential output through scarring. Taking Australia and New Zealand... more

    Access:
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    While the world is focused on addressing the near-term ramifications of the COVID-19 shock, we turn attention to another important aspect of the pandemic: its fallout on medium-term potential output through scarring. Taking Australia and New Zealand as examples, we show that the pandemic will likely have a large and persistent impact on potential output, broadly in line with the experience of advanced economies from past recessions. The impact is driven by employment, capital stock, and productivity losses in the wake of an unprecedented sectoral reallocation, hightened uncertainty, and reduced migration. Maintaining fiscal and monetary policy support until the recovery is firmly entrenched and putting in place a strong structural policy agenda to counter the pandemic's adverse effects on medium-term potential output will be important to support standards of living and strengthen economic resilience in case of renewed shocks

     
    Export to reference management software   RIS file
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781513563282
    Other identifier:
    Series: IMF working paper ; WP/20, 272
    Subjects: Potential output; scarring; COVID-19; advanced economies; Australia; NewZealand; Advanced Economies; COVID-19; Potential Output; Scarring
    Scope: 1 Online-Ressource (circa 41 Seiten), Illustrationen