| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27430 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w27430 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585103 |
| 推荐引用方式 GB/T 7714 | Martin S. Eichenbaum,Sergio Rebelo,Mathias Trabandt. Epidemics in the New Keynesian Model. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w27430.pdf（460KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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