EconoFact is one of my go-to sites for clear and concise summary of economics topics written by area-specific experts (many of whom I know professionally or personally, and all of whose work I have encountered at some point in my academic career). You will definitely see this source popping up time and again here.
Here is EconoFact's big-picture overview of COVID-19's potential impact on the economy, different channels at play and the mediating factors: "Corona Virus and the Health of the U.S. Economy"
Here is EconoFact's big-picture overview of COVID-19's potential impact on the economy, different channels at play and the mediating factors: "Corona Virus and the Health of the U.S. Economy"
- "Supply side" shocks are all the factor that impact firms ability and costs of production: disrupion of global supply chains and social distancing keeping workers away from work
- "Demand side" shocks are all the factors that impact consumers' willingness puchase goods and services: lower purchasing power as incomes fall and social distancing keeping consumers away (especially in markets where you need physical presence)
- Impacts on the financial system as banks balance sheets worse, both supply and demand for credit weakens and investment slows down
- Uncertainty all around that affects willingness to spend, lend, borrow
