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C o r r e c t e d P r o o f Comments some idea of the costs of not intervening," and consider shocks to government expenditure to capture the policy effect. The approach looks innocuous considering the model frequency is annual. But the model could be extended to shed light on two channels related to the containment measures. The direct channel works by reducing the economic activity including withholding labor supply and rebalancing the consumption basket, of which effects are well reflecteddoi:10.1162/asep_a_00818 fatcat:42mwyhtomfgvdfwjkv3qqrglrm