Doyne Farmer has been interviewed in the Santa Fe New Mexican about a paper he recently coauthored. “Supply and Demand Shocks in the COVID-19 Pandemic” the supply and demand shocks for the immediate months following the shutdown.

The report predicts a 24 percent job loss across the U.S. with a 17 percent loss of total wage income. By contrast, Farmer said, job loss was 3.3 percent during the 2007-09 Great Recession and 22 percent during the peak of the Great Depression.

He says that policymakers need to urgently ensure that lower and middle-income workers are protected from these blows as it is impossible to predict how long recovery will take.

Read the full interview here.

Read the paper on Supply and Demand Shocks here.