| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14543 |
| DP14543 Longer-run economic consequences of pandemics | |
| Oscar Jorda; Sanjay Singh; Alan M. Taylor | |
| 发表日期 | 2020-03-29 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | What are the medium- to long-term effects of pandemics? How do they differ from other economic disasters? We study major pandemics using the rates of return on assets stretching back to the 14th century. Significant macroeconomic after-effects of pandemics persist for about decades, with real rates of return substantially depressed, in stark contrast to what happens after wars. Our findings are consistent with the neoclassical growth model: capital is destroyed in wars, but not in pandemics; pandemics instead may induce relative labor scarcity and/or a shift to greater precautionary savings. |
| 主题 | Economic History ; International Macroeconomics and Finance ; Macroeconomics and Growth |
| 关键词 | Pandemics Wars Depressions Real interest rate Natural rate Local projections |
| URL | https://cepr.org/publications/dp14543 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543447 |
| 推荐引用方式 GB/T 7714 | Oscar Jorda,Sanjay Singh,Alan M. Taylor. DP14543 Longer-run economic consequences of pandemics. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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