THE DISTRIBUTIONAL EFFECTS OF COVID-19 AND OPTIMAL MITIGATION POLICIES

• 成果类型: Article
• 署名作者: Hur, Sewon
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Dallas
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/iere.12601
• 发表日期: 2023
• 页码: 261-294
• 关键词: consumption; insurance; time

摘要

This article develops a quantitative heterogeneous agent-life cycle-epidemiological model that is used to study the aggregate and distributional consequences of COVID-19 and mitigation policies. First, a stay-at-home subsidy is preferred to a lockdown because it reduces deaths by more and output by less. Second, Pareto-improving policies can reduce deaths by nearly 45% without any reduction in output relative to no public mitigation. Finally, it is possible to simultaneously improve public health and economic outcomes, suggesting that debates regarding a trade-off between economic and health objectives may be misguided.