期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2021
卷号：2021
语种：English
出版社：European Central Bank
摘要：The recession caused by the coronavirus (COVID-19) pandemic weighed on potential output across advanced economies and emerging market economies, but whether it will have a temporary or lasting impact remains to be seen. Taking a production function approach perspective, the decline in potential output can be explained by (i) smaller contributions from production factors (employment and capital), and/or (ii) lower technological gains (i.e. the efficiency with which inputs are combined). Although strong policy responses, particularly in advanced economies, cushioned the overall economic impact of the COVID-19 pandemic, there is still a risk of long-term output scarring. This relates, for instance, to hysteresis effects, as many workers have been at least temporarily excluded from the labour market, potentially resulting in skills losses and/or a permanent exit. While job retention schemes during the pandemic preserved employment and shielded productive but fragile firms, they might have partly hindered labour reallocation and hampered productivity. This box reviews evidence on the scarring effects of the COVID-19 shock and compares recent data relevant for determining the evolution of potential output with developments in the aftermath of the Great Recession.
