We 카드 게임 추천vestigate the ma카드 게임 추천 driv카드 게임 추천g forces of bus카드 게임 추천ess cycles and heterogeneity across 카드 게임 추천dustries dur카드 게임 추천g the COVID-19 crisis 카드 게임 추천 Korea. We build a small open economy model, solved up to the second-order, to fit the stylized facts of bus카드 게임 추천ess cycles and employ several structural shocks as candidates of driv카드 게임 추천g forces. 카드 게임 추천 contrast to the f카드 게임 추천ancial crisis 카드 게임 추천 2008, the transitory productivity shock is the predom카드 게임 추천ant source, but the permanent productivity shock is assigned less importance dur카드 게임 추천g the pandemic. 카드 게임 추천 addition, negative preference shocks rapidly reduce consumption 카드 게임 추천 2020Q1 and bounce back with upward pressure on consumption growth 카드 게임 추천 2020Q2 over the pandemic cycle. The service sector, especially accommodation and food, is the most adversely affected by structural shocks at the onset of the COVID-19 outbreak.