Many economists had hoped for a V-shaped recovery from the coronavirus pandemic. But Chicago Booth’s Randall S. Kroszner says that whereas many economic shocks, such as the one created by the 9/11 terrorist attacks, can be absorbed and allow the economy to recover, the COVID-19 crisis’ uncertainty and length will reshape parts of the economy. Kroszner says it’s time to start thinking about what the world will look like once restrictions are lifted and how policy should prepare for new realities.

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