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Reviewed by Carol Thompson for Readers' Favorite
The Fed and The Flu: Parsing Pandemic Economic Shocks by David R. Kotok, Michael R. Englund, Tristan J. Erwin, and Elizabeth J. Sweet presents a timely and scholarly exploration of the significant economic disruptions caused by pandemics throughout history. The book is highly analytical, utilizing economic data to analyze how pandemics from the Black Death to COVID-19 have impacted global economies, financial markets, and policy responses. The authors bridge historical data with contemporary analysis, making a compelling case for the prolonged economic impacts of pandemics. They examine the role of the Federal Reserve and other central banks in managing economic shocks, highlighting the unique challenges and innovative strategies employed during the COVID-19 pandemic. Their discussion extends beyond the immediate economic fallout, considering the broader societal shifts and the potential for long-term economic transformation instigated by pandemics.
The use of economic theory and empirical data to illustrate how pandemics historically lead to significant, though temporary, declines in real rates of return and shifts in labor markets is particularly insightful. The approach taken by Kotok, Englund, Erwin, and Sweet in examining the “natural rate of interest” enhances understanding of the economic forces that pandemics unleash. The addition of tables and images aids in the understanding of the content, solidifying their argument. The Fed and The Flu also discusses the policy implications and the necessary fiscal and monetary responses to mitigate the adverse effects of pandemics on economies. It is a crucial resource for policymakers, economists, and anyone interested in public health and economic policy intersections. The book is a significant contribution to the economic literature on pandemics, providing historical context and forward-looking insights into managing economic crises triggered by health emergencies. Its comprehensive analysis and extensive scope make it a valuable resource for understanding the economic aspects of pandemics. The Fed and The Flu is an ideal book for readers interested in pandemics and students needing scholarly references on the subject.
