G2TT
来源类型Discussion paper
规范类型论文
来源IDDP15256
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
URLhttps://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.
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