We propose a dynamic quantitative general equilibrium model with frictions in financial and labor markets to evaluate the economic impact of social distancing measures imposed to contain the COVID-19 pandemic. The model makes quantitative predictions about the effect on output, employment, the current account, and firm dynamics of different social distancing measures and the palliative policies designed to alleviate their economic costs. We explore the implications for economies with different levels of financial development. 

Jointly written with Roberto N. Fattal-Jaef (World Bank), Hugo Hopenhayn (UCLA),  P. Andres Neumeyer (Universidad Torcuato Di Tella), y  Yongseok Shin (Washington University in St. Louis).

Ph.D. in Economics, University of Chicago. Sam B. Cook Professor of Economics, Washington University in St. Louis. Francisco (Paco) Buera is a macroeconomist whose best-known work lies at the intersection of finance, economic growth, and development economics. 

Professor Buera's current research spans many topics, including the role of financial markets in the process of development, the rise of the service economy, and the diffusion of technologies and economic policies across countries. Before joining the economics department at Washington University, he served as a senior economist and research advisor at the Federal Reserve Bank of Chicago. Previously, he held positions at UCLA, the Federal Reserve Bank of Minneapolis, Princeton University, MIT, and Northwestern University. Buera is an associate editor at the Review of Economic Studies and the American Economic Journal: Macroeconomics.

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