Ex-Fed Governor: Coronavirus Impact ‘More Fundamental and Long-Run’ Than 9/11, 2008 Crisis

by Julia La Roche
Yahoo! Finance

Social distancing and remote work trends set in motion by the ongoing COVID-19 pandemic will reshape the global economy in ways far more structural than either the 2008 financial crisis or the Sept. 11 terror attacks, a former central banker told Yahoo Finance.

Ex-Federal Reserve governor Randall Kroszner — who was in Washington during both events — thinks the coronavirus outbreak is creating long-term structural changes in the economy, while reshaping certain sectors and geographies in profound ways.

The COVID-19 crisis “is going to have a more fundamental and long-run impact on the structure of economic activity than either of those two shocks,” Kroszner, now a deputy dean and the University of Chicago’s Booth School of Business, told “On The Move” this week.

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