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Professor Richard Baldwin has adapted the circular flow diagram to identify some of the ways in which the coronavirus shock is impact on the macroeconomy. This is well worth a look especially if you are teaching and studying the causes of and policy responses to external demand and supply-side shocks.

"The economy continues running only when the money keeps flowing around the circuit. Roughly speaking, a flow-disruption anywhere causes a slowdown everywhere."

Read: Keeping the lights on: Economic medicine for a medical shock

More here from Gita Gopinath, Chief Economist of the International Monetary Fund.

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