Fighting the scarring effects of COVID-19
讨论新冠疫情导致的经济衰退如何通过滞后效应留下永久性疤痕，并分析财政和货币政策如何减轻这些后果，推动全球经济更具韧性、更平等和更绿色。
Abstract The large fall in global output and massive job losses during the current pandemic is creating a socio-economic upheaval that is likely to persist over time. From previous crises, we know that some of their effects are likely to leave permanent scars through what is known as hysteresis. This article discusses how the concept of scarring or hysteresis is relevant for the current pandemic-induced economic crisis. We discuss channels through which these effects can become persistent and how fiscal and monetary policies can minimize their consequences and work to create a global economy that is more resilient, more equal and greener.t