Nobel Perspectives: on a post COVID-19 world

Sir Christopher Pissarides

18 May 2020 9 min read

Sir Christopher Pissarides, Nobel Laureate and labor market economist was awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in 2010 for his work on the economics of unemployment, including job flows and the effects of being out of work. Prior to that, in 2005, he became the first European economist to win the IZA Prize in Labor Economics. He joined Evan Brown, Head of Multi-Asset Strategy in a webinar to discuss in detail the implications of the pandemic and what that means for investors.

As part of the UBS Nobel Perspectives program we are pleased to bring you a webinar series that allows you to ask your questions directly to Nobel Laureates in Economic Sciences. Sir Christopher Pissarides features in the Nobel Perspectives program and you can read more about his life and work below.

In a time where everything is uncertain, it's hard to know what's real and what's fake. UBS Nobel Perspectives addresses the questions shaping our world, cutting through the noise and nonsense, and holds the largest content library of Nobel Laureate interviews. Learn more and join the community to stay up to date on all the latest news and events.

Key webinar takeaways

  • Given the nature of this recession, a V- or W- shaped recovery is more likely than a U-shaped one
  • Government subsidy programmes would support the economy by retraining workers displaced by technology or low growth industries
  • Further fiscal stimulus is required by governments to minimize job losses and support economies
  • Some industries will take longer than others to recover post COVID-19 such as personal services, the hospitality sector and the broader services sector
  • COVID-19 has accelearated the deglobalization trend as supply chains are brought back to domestic markets
  • Opportunities still exist in the medical sector, land ownership and online education sectors

Evan Brown, Head of Multi-Asset Strategy, UBS Asset Management

With much of Pissarides' research focusing on the dynamics of unemployment amid changes in the economic environment, this webinar was a prime opportunity to tap into the mind of one of the world’s greatest thinkers amid such uncertain times.

Sir Christopher Pissarides transformed how the field of economics looks at unemployment, bringing it beyond pure supply and demand to incorporate how employers and employees search for, and find each other. We are now sadly living in a world of historically high unemployment due to COVID-19 and related lockdowns. Millions across the globe have lost their jobs and unemployment rates in some countries are at the highest since the Great Depression.

This time around we are seeing the typically less cyclical, service sectors leading the downturn.

Evan Brown


Q&A:

The world in the grasp of COVID-19

Response from policymakers

The unveiling of the next normal

The path of long term trends

Audience Q&A

Read more

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