However the COVID-19 epidemic unfolds — even if it is soon brought under control globally — it is likely to do much more economic damage than policy makers seem to realize, wrote Kaushik Basu, professor of economics, in an opinion piece in Marketwatch.
"In the wake of the 2008 global financial crisis, central banks led the response," he said in the article. "As the COVID-19 outbreak disrupts value chains and raises fears among investors, some seem to think that they can do so again."
