Economic Winners versus Losers and the Unequal Pandemic Recession
研究了疫情衰退中接触密集型行业的企业（输家）大幅收缩，而提供替代品的企业（赢家）增长，并构建模型解释这种不平等现象。
During the pandemic recession, firms directly exposed to the virus—i.e. the “contact” sector—contracted sharply and recovered slowly relative to the rest of the economy. Less understood is how firms that “won” by offering safer substitutes for contact sector goods have affected this unequal downturn. Using both firm and industry data, we first construct disaggregated measures of revenue growth that distinguish between contact sector losers, contact sector winners, and the noncontact sector. We show that contact sector losers contracted roughly 50 percent more than the sector average, while winners grew. We then develop a model to explain the evidence.