This article was published as an OMFIF Commentary on 23 March. It expresses concern that the recession sparked by the pandemic might turn into something deeper and more long lasting. While recognizing the associated need for policy to lean urgently against the current slowdown, to support a “V” shaped recovery, White notes that some ways of doing so are more effective than others. Policy choices should also “take a thought for the morrow” so as to avoid unintended longer term consequences.
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