Abstract This paper analyses the economic and financial repercussions of the 2020 COVID‐19 pandemic. It argues that the pandemic has inflicted serious injuries to the labor force but has not damaged the physical capital stock. Therefore, the resolution policies of this crisis ought to be carefully tailored to supporting structural adjustments to the labor market. The analysis asserts that the impact of the pandemic crisis is exacerbated by the identification gap between the unobserved and the officially reported cases of COVID‐19. The gap increases financial risks, including market‐, credit‐, default‐, and foreign exchange risks.

中文翻译：

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2020 年大流行：经济影响和政策应对

摘要 本文分析了 2020 年 COVID-19 大流行的经济和金融影响。它认为，大流行对劳动力造成了严重伤害，但并未损害实物资本存量。因此，应对这场危机的解决政策应谨慎调整，以支持劳动力市场的结构调整。分析断言，未观察到的 COVID-19 病例与官方报告的 COVID-19 病例之间的识别差距加剧了大流行危机的影响。这种差距增加了金融风险，包括市场风险、信用风险、违约风险和外汇风险。