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The Fed and the Flu
Parsing Pandemic Economic Shocks
By: David R. Kotok, Michael R. Englund, Tristan J. Erwin
Hardcover | 12 February 2025
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Hardcover
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Over the century that intervened between the 1918 H1N1 Spanish Flu pandemic and the COVID-19 pandemic, the US Federal Reserve has deepened its understanding of the economic shocks that pandemics deliver. In fact, epidemic and pandemic shocks appear to have had similar characteristics as far back as the historical record can offer us clues. Further, human behavior has always been implicated in a pandemic's economic outcomes, as surely as pathogens are. The Fed's actions in response to COVID-19, based in part on its own evolving understanding of what it takes to stabilize an economy and financial system in the face of a pandemic shock, were successful in forestalling an economic and financial collapse when COVID struck.
In The Fed and the Flu: Parsing Pandemic Economic Shocks, David Kotok, along with co-authors Michael England, Tristan Erwin, and Elizabeth Sweet, examine the Fed's journey, insights from history, lessons from the world's experience with COVID, and the pandemic's economic impacts captured in charts. Every pandemic delivers an initial shock, but it also casts a longer shadow over the medium term. Most importantly, every pandemic is a learning opportunity that can be leveraged to better inform responses to future pandemics.
Industry Reviews
"Before Covid-19 few economic commentators who thought about big economic risks pointed to a pandemic. Yet, we are now living with the profound impacts of both the pandemic and the policy responses to it. David Kotok and his coauthors have produced a highly valuable examination of the crisis that began in 2020, its historical antecedents, and its lessons. This book is both timely and most helpful in anticipating the inevitable next one prophesied by many experts."
- Dennis Lockhart, former President and CEO, Federal Reserve Bank of Atlanta
"The Fed & the Flu, Parsing Pandemic Economic Shocks is a monumental journey through time aimed at understanding the impact of pandemics on individuals, society, the economy and on policy responses."
- Kathleen Stephansen, Vice Chair and former Chair of the College of Central Bankers at the Global Interdependence Center
"The Fed and the Flu: Parsing Pandemic Economic Shocks is an important compendium of the history of pandemics, their effects on societies and economies, the policy actions taken to address both the health and economic effects, and recommendations drawn from these historical experiences.... Policymakers would surely benefit from reading this book, but any person interested in history, medicine, and better understanding of the recent pandemic will also learn much from this important book."
- Loretta Mester, former President, Federal Reserve Bank of Cleveland, Professor of Finance, the Wharton School at the University of Pennsylvania
ISBN: 9798989362523
Published: 12th February 2025
Format: Hardcover
Language: English
Number of Pages: 552
Audience: General Adult
Publisher: David R. Kotok
Dimensions (cm): 22.86 x 15.24 x 3.02
Weight (kg): 0.9
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