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来源类型Working Paper
规范类型报告
DOI10.3386/w28636
来源IDWorking Paper 28636
Pandemics, Incentives, and Economic Policy: A Dynamic Model
Roberto Chang; Humberto Martínez; Andrés Velasco
发表日期2021-04-05
出版年2021
语种英语
摘要The advent of a pandemic is an exogenous shock, but the dynamics of contagion are very much endogenous --and depend on choices that individuals make in response to incentives. In such an episode, economic policy can make a difference not just by alleviating economic losses but also via incentives that affect the trajectory of the pandemic itself. We develop this idea in a dynamic equilibrium model of an economy subject to a pandemic. Just as in conventional SIR models, infection rates depend on how much time people spend at home versus working outside the home. But in our model, whether to go out to work is a decision made by individuals who trade off higher pay from working outside the home today versus a higher risk of infection and expected future economic and health-related losses. As a result, pandemic dynamics depend on factors that have no relevance in conventional models. In particular, expectations and forward-looking behavior are crucial and can result in multiplicity of equilibria with different levels of economic activity, infection, and deaths. The analysis yields novel policy lessons. For example, incentives embedded in a fiscal package resembling the U.S. CARES Act can result in two waves of infection.
主题Macroeconomics ; Fiscal Policy ; International Economics ; International Macroeconomics ; Public Economics ; Taxation ; Health, Education, and Welfare ; Poverty and Wellbeing ; COVID-19
URLhttps://www.nber.org/papers/w28636
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/586309
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Roberto Chang,Humberto Martínez,Andrés Velasco. Pandemics, Incentives, and Economic Policy: A Dynamic Model. 2021.
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