About This Report iii

Summary v

Figures and Tables viii

CHAPTER 1 1

Introduction 1

CHAPTER 2 3

Background 3

CHAPTER 3 5

Methods 5

CHAPTER 4 6

Typology of Economic Shocks and Analytical Framework 6

CHAPTER 5 10

Two Case Studies of Economic Shocks and Their Macroeconomic Impacts 10

The Great Recession: Case Study Analysis 12

Part 1. Underlying Shocks and Their Interactions 13

Part 2. Economic Conditions and Policy Responses 14

Part 3. Macroeconomic Impacts: Severity and Duration 14

The COVID-19 Pandemic: Case Study Analysis 15

Part 1. Underlying Shocks and Their Interactions 15

Part 2. Economic Conditions and Policy Responses 16

Part 3. Macroeconomic Impacts: Severity and Duration 16

CHAPTER 6 20

Conclusion 20

APPENDIX 21

Typology of Economic Shocks 21

Abbreviations 44

References 45