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During the last few months, there has been a dramatic drop in aggregate consumption caused by the pandemic. Part of this consumption drop can be attributed to the fear of infection. For example, consumers would not eat in restaurants for fear of being exposed to the virus.
Using only the representative consumer model we have been analysing, can you describe what this shift in preferences implies for consumption and leisure choices? What are the consequences for the labour supply? Do you think this is a plausible explanation of what really happened? What do you think this model is missing?
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