The macroeconomics of a pandemic

Hence, aggregate demand stimulus is one quarter as effective as in a typical recession where all labor markets are slack.

That is from a new Baqaee and Farhi piece in the May AER, AEA gate.  It is a discouraging sign how little talk was heard of this kind of argument until recently.  The piece is titled “Supply and Demand in Disaggregated Keynesian Economies with an Application to the COVID-19 Crisis.”