| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15846 |
| DP15846 A Macroeconomic Model of Healthcare Saturation, Inequality & the Output-Pandemia Tradeoff | |
| Linda Tesar; Enrique Mendoza; Eugenio Rojas | |
| 发表日期 | 2021-02-24 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | COVID-19 became a global health emergency when it threatened the catastrophic collapse of health systems as demand for health goods and services and their relative prices surged. Governments responded with lockdowns and increases in transfers. Empirical evidence shows that lockdowns and healthcare saturation contribute to explain the cross-country variation in GDP drops even after controlling for COVID-19 cases and mortality. We explain this output-pandemia tradeoff as resulting from a shock to subsistence health demand that is larger at higher capital utilization in a model with entrepreneurs and workers. The health system moves closer to saturation as the gap between supply and subsistence narrows, which worsens consumption and income inequality. An externality distorts utilization, because firms do not internalize that lower utilization relaxes healthcare saturation. The optimal policy response includes lockdowns and transfers to workers. Quantitatively, strict lockdowns and large transfer hikes can be optimal and yield sizable welfare gains because they prevent a sharp rise in inequality. Welfare and output costs vary in response to small parameter changes or deviations from optimal policies. Weak lockdowns coupled with weak transfers programs are the worst alternative and yet are in line with what several emerging and least developed countries have implemented. |
| 主题 | Macroeconomics and Growth |
| 关键词 | Covid Pandemia Fiscal policy |
| URL | https://cepr.org/publications/dp15846 |
| 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/544840 |
| 推荐引用方式 GB/T 7714 | Linda Tesar,Enrique Mendoza,Eugenio Rojas. DP15846 A Macroeconomic Model of Healthcare Saturation, Inequality & the Output-Pandemia Tradeoff. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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