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来源类型Working Paper
规范类型报告
DOI10.3386/w27430
来源IDWorking Paper 27430
Epidemics in the New Keynesian Model
Martin S. Eichenbaum; Sergio Rebelo; Mathias Trabandt
发表日期2020-06-29
出版年2020
语种英语
摘要This paper documents the behavior of key macro aggregates in the wake of the Covid epidemic. We show that a unique feature of the Covid recession is that the peak-to-trough decline is roughly the same for consumption, investment, and output. In contrast to the 2008 recession, there was only a short-lived rise in financial stress that quickly subsided. Finally, there was mild deflation between the peak and the trough of the Covid recession. We argue that a New Keynesian model that explicitly incorporates epidemic dynamics captures these qualitative features of the Covid recession. A key feature of the model is that Covid acts like a negative shock to the demand for consumption and the supply of labor.
主题Macroeconomics ; Macroeconomic Models ; Public Economics ; Health, Education, and Welfare ; Health ; COVID-19
URLhttps://www.nber.org/papers/w27430
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/585103
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GB/T 7714
Martin S. Eichenbaum,Sergio Rebelo,Mathias Trabandt. Epidemics in the New Keynesian Model. 2020.
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