The COVID-19 pandemic has had dire effects on both public health and the economy. In reaction to the virus’s spread, many states have implemented stay‐at‐home orders and closures of all “nonessential businesses.” How will this new pandemic affect the economics of our world?
John Cochrane, vice‐president of the American Finance Association, a research associate and past director of the asset pricing program of the National Bureau of Economic Research, and a Fellow of the Econometric Society, answers.