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Due to the COVID-19 pandemic, labor productivity and R &amp;D activity in the private sector are considered to have a negative shock. The former shock causes an immediate fall in the private premium, which can be reversed during transition dynamics towards the steady-state. Fiscal policies are materialized in direct and indirect R &amp;D subsidies, and the monetary policies consist of relaxing cash-in-advance restrictions. An appropriate fiscal policy, together or not with monetary policy, can restore the pre-shock situation. Monetary policy is reinforced in the presence of monetary-transaction costs on consumption and of money-in-the-utility function.<\/jats:p>","DOI":"10.1007\/s10644-023-09486-9","type":"journal-article","created":{"date-parts":[[2023,3,2]],"date-time":"2023-03-02T13:02:56Z","timestamp":1677762176000},"page":"1777-1821","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":5,"title":["Losers and losses of COVID-19: a directed technical change analysis with fiscal and monetary policies"],"prefix":"10.1007","volume":"56","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-9597-9850","authenticated-orcid":false,"given":"Oscar","family":"Afonso","sequence":"first","affiliation":[]}],"member":"297","published-online":{"date-parts":[[2023,3,2]]},"reference":[{"issue":"4","key":"9486_CR1","doi-asserted-by":"publisher","first-page":"781","DOI":"10.1111\/1467-937X.00226","volume":"69","author":"D Acemoglu","year":"2002","unstructured":"Acemoglu D (2002) Directed technical change. 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