7 Woodford, M. (2020), “Effective Demand Failures and the Limits of Monetary Stabilization Policy”, NBER Working  Paper Series, No 27768, National Bureau of Economic Research, September. 8 Year-on-year changes. 9 Guerrieri, V., Lorenzoni, G., Straub, L. and Werning, I.
(2020), “Macroeconomic Implications of COVID-19: Can  Negative Supply Shocks Cause Demand Shortages?” , NBER Working Paper Series, No 26918, National Bureau of Economic Research, April. 10 Enria, A. (2020), “Supervisory challenges of the pandemic and beyond”, speech at the Handelsblatt European  Banking Regulation Conference, 3 November.