We evaluate the welfare effects of the economic consequence of the COVID shock and job retention schemes (JRS) in a heterogenous agents DSGE model calibrated to the euro area. We find that the welfare cost of the COVID shock is large. Households who hold a limited stock of financial wealth and are unable to perfectly insure against shocks to their labor incomes experience larger welfare losses. JRS implemented in response to the pandemic have large favorable welfare…
Publicatie - Studie, onderzoeksrapport, analyse
NBB Working Paper, 2022, 414: Softening the blow: Job retention schemes in the pandemic
Oorspronkelijke titel: Softening the blow: Job retention schemes in the pandemic
Bron: nbb.be
27-09-2022
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