Coronavirus and the Economy: A Tutorial

The novel coronavirus that causes the disease COVID-19 will harm the U.S. economy. We know that, even though, as of this writing, the effects have barely begun to show up in statistics on employment, inflation, and real output. But just how bad will the impacts be, and what, if anything, can be done about them?

Although the economic effects of the virus will be complex, and we are sure to see…