Policymaking during a pandemic can be extremely challenging. As COVID-19 is a new disease and its global impacts are unprecedented, decisions need to be made in a highly uncertain, complex and rapidly changing environment. In such a context, in which human lives and the economy are at stake, we argue that using ideas and constructs from modern decision theory, even informally, will make policymaking more a responsible and transparent process.

More on this topic

BFI Working Paper·Jul 8, 2026

How Does Monetary and Fiscal Policy Affect the Economy in the Face of Large Shocks?

Greg Kaplan and Ken Miyahara
Topics: Fiscal Studies, Monetary Policy
BFI Working Paper·Jul 8, 2026

Seemingly Anchored Inflation Expectations

Ulrike Malmendier and Stefan Nagel
Topics: Monetary Policy
BFI Working Paper·Jun 30, 2026

Leaning Against Inflation Experiences

Stefan Nagel
Topics: Monetary Policy