{"content":[{"text":"How \n the","bbox":{"left":0.071429,"top":0.056641,"width":0.08927900000000001,"height":0.08488200000000001}},{"text":"businesses are \n Covid-19 shock","bbox":{"left":0.190801,"top":0.056641,"width":0.43152999999999997,"height":0.08488200000000001}},{"text":"surviving","bbox":{"left":0.658401,"top":0.056641,"width":0.270073,"height":0.03966600000000001}},{"text":"By Sebastian Barnes, OECD \n Hillman, Neuron Capital.","bbox":{"left":0.071429,"top":0.164032,"width":0.36887499999999995,"height":0.04271899999999998}},{"text":"Economics","bbox":{"left":0.458446,"top":0.164032,"width":0.129135,"height":0.018665999999999988}},{"text":"Department,","bbox":{"left":0.605724,"top":0.164032,"width":0.15800599999999998,"height":0.018665999999999988}},{"text":"and","bbox":{"left":0.781872,"top":0.164032,"width":0.042524000000000006,"height":0.018665999999999988}},{"text":"Robert","bbox":{"left":0.842538,"top":0.164032,"width":0.08582999999999996,"height":0.018665999999999988}},{"text":"As the economy locked down in March 2020, there were big \n concerns about how businesses would survive being unable to \n open normally with retail premises, offices, factories and \n construction sites closed. There was a fear that these \n pressures could trigger a “domino effect” that would ripple \n through the business sector, leading to widespread job losses \n and bankruptcies.","bbox":{"left":0.071429,"top":0.228173,"width":0.857068,"height":0.16298500000000002}},{"text":"The Corporate Sector Agent-Based (CAB) Model was developed to \n look at these questions, taking into account the differences \n across firms in their activities and financial strength, how \n firms interact with each other through customer-supplier \n networks, the rule-of-thumb adjustments firms make and the \n risk of bankruptcy. Agent-based models are simulation models \n that build up the behaviour of the aggregate economy from the \n interaction of individual units. This can lead to insights on \n aggregate and microeconomic behaviour.","bbox":{"left":0.071429,"top":0.41258,"width":0.857176,"height":0.21108999999999994}},{"text":"The CAB takes a data-rich approach to building a model of the \n United Kingdom business sector based on the Input-Output \n connections between sectors, firm characteristics from ORBIS \n data and evidence on network connections between firms. In the \n real world, many firms are heavily reliant on a small number \n of suppliers and customers. Matching final demand to the \n downturn in UK output during the Covid-19, the model sheds \n light on the mechanisms at work and alternative policy \n scenarios.","bbox":{"left":0.071429,"top":0.645093,"width":0.8571570000000001,"height":0.2110899999999999}},{"text":"In the absence of any policy response, the Covid-19 shock \n would have led to a large and lasting fall in output: over 15%","bbox":{"left":0.071429,"top":0.877605,"width":0.857083,"height":0.04271899999999995}}],"images_bbox":[],"images_bbox_not_text_overlap":[]}