全球智库信息集成服务系统(G2TT): DP15256 The Great Lockdown and the Big Stimulus: Tracing the Pandemic Possibility Frontier for the U.S.

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP15256
	DP15256 The Great Lockdown and the Big Stimulus: Tracing the Pandemic Possibility Frontier for the U.S.
	Greg Kaplan; Benjamin Moll; Giovanni L. Violante
发表日期	2020-09-05
出版年	2020
语种	英语
摘要	We provide a quantitative analysis of the trade-offs between health outcomes and the distribution of economic outcomes associated with alternative policy responses to the COVID-19 pandemic. We integrate an expanded SIR model of virus spread into a macroeconomic model with realistic income and wealth inequality, as well as occupational and sectoral heterogeneity. In the model, as in the data, economic exposure to the pandemic is strongly correlated with financial vulnerability, leading to very uneven economic losses across the population. We summarize our findings through a "distributional pandemic possibility frontier," which shows the distribution of economic welfare costs associated with the different aggregate mortality rates arising under alternative containment and fiscal strategies. For all combinations of health and economic policies we consider, the economic welfare costs of the pandemic are large and heterogeneous. Thus, the choice governments face when designing policy is not just between lives and livelihoods, as is often emphasized, but also over who should bear the burden of the economic costs. We offer a quantitative framework to evaluate both trade-offs.
主题	International Macroeconomics and Finance ; Labour Economics ; Macroeconomics and Growth ; Monetary Economics and Fluctuations ; Public Economics
URL	https://cepr.org/publications/dp15256
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/544231
推荐引用方式 GB/T 7714	Greg Kaplan,Benjamin Moll,Giovanni L. Violante. DP15256 The Great Lockdown and the Big Stimulus: Tracing the Pandemic Possibility Frontier for the U.S.. 2020.