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Laurence Ball The crisis has left deep scars, which will affect both supply and demand for many years to come. Blanchard (2012) The Covid-19 pandemic in the US has led to volumes of initial claims for unemployment and unemployment rates not seen since the Great Depression period, pushing the economy into a recession. As policymakers map out potential recovery paths, much of the debate tends to focus on short-run and medium-run implications. Can we hope for a ‘V-shaped’ rebound, at least once vaccines have been widely distributed, or will it take a long time between economic decline and subsequent recovery akin to a ‘U-shaped’ rebound or worse (Baldwin and di Mauro 2020, An and Loungani 2020)? What has received less attention are the potential long-run implications. History tells us that economic crises like the current one can alter consumer behaviour in the long-run – beyond the effects captured by standard economic variables such as current employment and employment p

United statesFederal reserve bankPrinceton universityUs bureau of economic analysisConsumer expenditure surveyRussell sage foundationPrinceton university pressMichigan survey of consumersPanel study of income dynamicsNielsen homescan panelGreat depressionGreat recessionPanel studyIncome dynamicsMichigan surveyEconomic analysis