Recent pandemic has laid down its foot on the heart of human civilization through several random shocks that have generated economic crisis. Post pandemic world shall demand for proper and possibly effective state intervention in order to stabilize the downward biased economic fluctuations, at least for short-run. Take this as an opportunity, this paper tries to throw some ray over some hypothetical scenarios and shouts for plausible policy recommendation in a post pandemic world. This paper uses standard macroeconomic models with rational expectations for both supply-side and demand-side shocks in order to examine the effectiveness of policies for hypothetical economies. Further, to quantify the analysis,we employ both econometrics and simulation-based approaches on different economic setup. This is the a which considers rational expectations to examine the short-run fluctuations via pandemic. Consideration of both demand side and supply side shocks along with plausible policy responses under the assumptions of rational expectations also make this study a novel one.