Fig. 5.

Model fit: IP Contraction and Employment changes. Notes: This figure plots the change in April 2020 Industrial Production in the data against the fall in real manufacturing output on the y-axis in the model for 39 countries (left panel), and changes in US sectoral hours in the model against the change in US sectoral employment in the data (right panel). The lines through the data are the 45-degree lines. The model hours changes are aggregated to Bick et al. (2020)'s classification using simple averages.