In normal times, realized inflation barely differs across observable dimensions; however, low income, low education, and Black households experienced a larger increase in realized inflation during the pandemic than other households did.

Firms exposed by anti-corruption programs grow larger after audits, despite experiencing a decrease in procurement contracts. Exposed firms adapt to the loss of government contracts by increasing capital investment and borrowing more to finance such investment.

When COVID-19 swept the world in early 2020 and closed or restricted business activity, researchers and policymakers scrambled to determine the virus’s economic impact on everything from employment, income, and childcare to business closures, commercial property, and work-from-home strategies. Policymakers needed answers fast to plan the most efficacious responses and direct limited resources to benefit those who needed it the most.