COVID-19 - What's the Key Idea?

Hank: I know that you have a very detailed model around this. Do you want to talk a bit about how you constructed the model? Hank: Sure, yeah, I'd be very, very happy to. This is a joint work with my long-term co-authors, Greg Kaplan and Jean-Luca Villolante who are also my co-authors on this whole heterogeneous agent, New Keynesian, so agenda. So we'll take a quick break, when we come back, we'll talk about applications of these ideas, specifically in the COVID-19 shock that you're going through and the policies that we're going to be implementing.