Suppose workers are specialized in their jobs (so that skills are not easily transferable elsewhere). Suppose a C-19 shock affects some jobs more than others. Suppose it is socially desirable for workers in these jobs to stay home, at least, temporarily. Suppose further ...
... that monetary/fiscal policy has mostly mitigated the negative aggregate demand forces emanating from the C-19 shock. Would you say that economy is presently below full employment? Or would you say the economy is now at or near "full employment" and
that this full-employment level of employment will follow a recovery dynamic in line with our progress in defeating C-19? Finally, does how one answer this question have implications for interest rate policy? Looking forward to replies!
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