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Our Second Quarter 2023 Issue of Review

The lead article, "The Economic Impact of COVID-19 Around the World" describes the severe effects on output growth and employment, particularly in middle-income countries. Governments responded primarily by increasing expenditures, supported by an expansion of the supply of money and debt. These policies did not put upward pressure on prices until 2021.

Other articles cover research on shipping prices and import price inflation, shocks and policies in emerging markets, and Tornado Cash and blockchain privacy.