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News in Systemic Risk: Friday, May 1 2020 (10 a.m. ET)

ECB announces new pandemic emergency longer-term refinancing operations (European Central Bank)

Banks more restrictive on lending to new borrowers (Norges Bank)

Covid-19 and Economic Analysis: A Review of the Debate (G. Caracciolo, F. Cingano, V. Ercolani, G. Ferrero, F. Hasan, A. Papetti, P. Tommasino; Bank of Italy)

A Fiscal Capacity for the Euro Area: Lessons from Existing Fiscal-Federal Systems (Pablo Burriel, Panagiotis Chronis, Maximillian Frier, Sebastian Hauptmeier, Lukas Reiss, Dan Stegarescu, Stefan Van Parys; Bank of Spain)

The Missing Link: Monetary Policy and Labor Share (Cristiano Cantore, Filippo Ferroni, Miguel León-Ledesma; Bank of England)

Teachable Moments from the Pandemic (Stephen S. Poloz; Bank of Canada)

Alternative scenarios for the impact of the COVID-19 pandemic on economic activity in the euro area (Niccolò Battistini, Grigor Stoevsky; European Central Bank)

Economic policy incentives in the fight against pandemics (Roberto Chang, Andres Velasco; VoxEU)

The economic risk from COVID-19 is not where COVID-19 is (Ilan Noy, Nguyen Doan, Benno Ferrarini, Donghyun Park; VoxEU)