COVID crisis: Longer than past recessions; as long as the subprime crisis

When we look at the duration of the period of underemployment caused by the COVID crisis in OECD countries, we see that it is going to be a longer crisis than past recessions and as long as the subprime crisis. One must therefore consider the consequences of a long crisis: Significant loss of human capital in the case of workers who remain out of work, leading to the risk of a significant fall in productivity gains as well; Significant deterioration in corporate balance sheets, with resulting effects on investment; Long periods of expansionary fiscal and monetary policies, leading to a huge expansion in the quantity of money and greater potential for asset price bubbles.