We show that the combination of monopolistic competition and input-output linkages generate what we call an input distortion. The distortion arises because material input prices involve a markup over the social opportunity cost. This has so far escaped attention in the literature addressing...

This paper unravels the contemporaneous, lagged, and indirect effects of tropical cyclones on annual sectoral growth worldwide. The main explanatory variable is an area weighted measure for local tropical cyclone intensity based on meteorological data, which is included in a panel analysis for a...

China was the first country to face the COVID-19 outbreak. Owing to the prompt and decisive actions of the authorities, and the consolidation of society, the country has overcome the peak of incidence, and economic activity is gradually recovering. The paper shows how COVID-19 affects the key...