Chicago Fed Insights
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By Nicolas Crouzet, François Gourio       May 19, 2020

This blog post is the fourth in a series that discusses how the current pandemic affects the financial positions of publicly traded U.S. corporations, the potential implications of these financial developments, and the federal policy response. In this post, we discuss the adjustments to federal tax policy that have been initiated to support U.S. businesses and their possible effects. These me... Read More

By Nicolas Crouzet, François Gourio       May 14, 2020

This blog post is the third in a series that discusses how the current pandemic affects the financial positions of publicly traded U.S. corporations, the potential implications of these financial developments, and the federal policy response. In this post, we attempt to quantify the risk to the solvency and to the liquidity of U.S. public corporations, and how this risk can be reduced or... Read More

By Nicolas Crouzet, François Gourio       May 12, 2020

This blog is the second in a series that discusses how the current pandemic affects the financial positions of publicly traded U.S. corporations, the potential implications of these financial developments, and the federal policy response. The first blog discussed the financial positions before the pandemic started. It documented that many nonfinancial publicly traded companies entered 20... Read More

By Nicolas Crouzet, François Gourio       May 8, 2020

This blog is the first in a series that will discuss how the current pandemic affects the financial positions of publicly traded U.S. corporations, the potential implications of these financial developments, and the federal policy response. This first blog discusses the financial positions before the pandemic started. We document three facts: (1) the share of nonfinancial public companies with... Read More

May 7, 2020

Nicholas Crouzet and François Gourio present a series that discusses how the current pandemic affects the financial positions of publicly traded U.S. corporations, the potential implications of these financial developments, and the federal policy response. Part 1, Before the Pandemic Part 2, The Covid-19 Earnings Shock Part 3, Projecting Liquidity and Solvency Risks Part 4, Tax Relief The... Read More

By Jason Faberman, Aastha Rajan       May 5, 2020

Update, May 15, 2020: Following the release of the latest Current Population Survey estimates and related micro data, we are able to calculate the actual value of our U-Cov rate for April, which was 30.7% (not seasonally adjusted). This was over a 17 percentage point increase from March, significantly higher than the 10 percentage point increase in the official “U3” unemployment rate (to 14.4... Read More

By Scott A. Brave, Ross Cole, Michael Fogarty       May 4, 2020

In this blog post, we document that recent revisions to the Chicago Fed’s National Financial Conditions Index (NFCI) have been large and clustered in time—a pattern not seen since the 2007–09 global financial crisis. As financial conditions tightened early on during the Covid-19 outbreak here in the U.S., there were large positive revisions to the NFCI through much of March. We show that revi... Read More

By Daniel Aaronson, Helen Burkhardt, Jason Faberman       April 9, 2020

This blog post updates our earlier analysis of the potential jobs impacted by Covid-19. The update reflects three adjustments to the original analysis. First, we updated our guesses on the shares of each industry employed and working at still-operating businesses based on the Labor Department’s March Employment Situation report. Second, we use an updated model to estimate the possible June un... Read More

By Jason Faberman       April 7, 2020

Summary Economists forecast the unemployment rate all the time. Usually, though, they use data over the previous months and quarters to forecast the unemployment rate out several years. Since the relationships between the unemployment rate and things like GDP growth and employment are mostly stable over time, and since month-to-month movements in the unemployment rate are usually small, ... Read More

By Daniel Aaronson, Helen Burkhardt, Jason Faberman       April 1, 2020

In this blog, we conduct an exercise to determine the potential consequences of the Covid-19 pandemic on near-term labor market outcomes. This is not a forecast, but an attempt to provide some discipline around potential bounds of the number of jobs impacted by the crisis. We estimate that between nine and 26 million jobs are potentially affected,1 with a best guess of around 15 million. If t... Read More

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