Richard Baldwin The pandemic has forced firms to adapt their work processes to the infection dynamics and the public health measures to contain it (OECD 2021). The massive expansion of working from home, for example, has dramatically altered where and how employees perform their jobs (Bartik et al. 2021). Estimates suggest that 40–60% of the workforce has been working from home (e.g. Bellmann et al. 2020a, Taneja et al. 2021). At the same time, disruptions in supply chains, delays in production, and changes in consumer demand have created many new uncertainties. While uncertainty about the future tends to reduce or delay investments, the need to limit personal contacts and tackle work disruptions might have boosted investments in new technology. Did firms adjust their digital infrastructure or did they abstain from new investments during the pandemic? Which firms have responded to the challenges of remote work, supply and demand disruptions? How did investments vary with the economic situation of firms?