Collaboration amongst economists and other disciplines needed to address Covid-19 impact, according to leading macroeconomic influencers

GlobalData Thematic Research 1 June 2020 (Last Updated June 1st, 2020 07:25)

Collaboration amongst economists and other disciplines needed to address Covid-19 impact, according to leading macroeconomic influencers

Understanding the consequences of the Covid-19 pandemic on employment, global trade, and public finances is essential to develop the necessary policies and restoration measures. While economists are already working towards assessing the impact of the pandemic, collaboration with experts from other fields is essential to develop a holistic approach towards recovery.

Rob Elliott

Rob Elliott, Professor of economics University of Birmingham, shared an article on how economists across the world should collaborate with experts from other fields to respond to the urgency of the Covid-19 pandemic.

Collaboration among experts from various sciences is essential to conduct co-ordinated research and policies that will help in rebuilding the economy, while minimising climate change.

Paola Subacchi

Paola Subacchi, Professor of International Economics at the University of London’s Queen Mary Global Policy Institute, shared an article on the limits on extreme monetary policy. The Covid-19 pandemic has forced central banks across the world to cut interest rates to negative levels.

The European Central Bank, the Bank of England, and the Bank of Japan are considering cutting interest rates to negative levels. The article notes that policy makers should focus on expanding fiscal policy rather than cutting interest rates. Such a policy would help individuals and businesses impacted by the pandemic, while driving economic recovery.

Jonathan Davis

Jonathan Davis, wealth adviser and economist, tweeted an article on the estimated fall in housing prices by 13.8% in the UK, according to the Nationwide building society. The article notes that first-time buyers are reluctant to purchase a new home amidst the recession caused by the Covid-19 pandemic.

Some buyers were also looking to buy larger homes with a home office and garden, while others wanted to purchase homes near high street shops.

Diane Coyle

Diane Coyle, Bennett Professor of Public Policy at the University of Cambridge, shared an article on the emergence of digital currency as a result of the Covid-19 pandemic. Mobiles phones, digital social networks and authentication technology are changing the way people buy and sell.

Digital wallets are expected to perform complex and automated transactions with various currencies, with future currencies projected to have a global reach.