lockdown while containing the spread of the virus. Such policies may, however, need to be complemented by selective containment …

ineffective in the presence of lockdown measures in place and because of limited pass-through of temporary measures into consumer … model distinguishes between sectors directly and indirectly affected by the lockdown. This allows us to trace economic … spillovers of lockdown measures to the rest of the economy and the differentiated impact of VAT measures on the two sectors. We …