Affiliation:
1. Instituto Tecnológico Autónomo de México (email: )
2. Stanford University (email: )
3. University of Chicago Booth School of Business and Hoover Institution (email: )
4. Federal Reserve Bank of Atlanta (email: )
Abstract
Drawing on data from the firm-level Survey of Business Uncertainty, we present three pieces of evidence that COVID-19 is a persistent reallocation shock. First, rates of excess job and sales reallocation over 24-month periods (looking back 12 months and ahead 12 months) have risen sharply since the pandemic struck, especially for sales. Second, as of December 2020, firm-level forecasts of sales revenue growth over the next year imply a continuation of recent changes, not a reversal. Third, COVID-19 shifted relative employment growth trends in favor of industries with a high capacity for employees to work from home.
Publisher
American Economic Association
Cited by
30 articles.
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