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Bullard: Expected U.S. Macroeconomic Performance during the Pandemic Adjustment Period
The coronavirus has the potential to create catastrophic health outcomes in the U.S.2 In order to mitigate this, public health officials have recommended a variety of social-distancing policies to slow the spread of the virus. In addition, social interaction has declined dramatically due to voluntary withdrawal by individuals, corporate work-from-home policies and government restrictions. These actions and policies have had the effect of engineering a controlled, partial and temporary shutdown of certain sectors of the U.S. economy. The productive capacity of the U.S. economy is fundamentally strong and ... (full story)