Optimal Mitigation Policies in a Pandemic: Social Distancing and Working from Home
成果类型：
Article
署名作者：
Jones, Callum; Philippon, Thomas; Venkateswaran, Venky
署名单位：
Federal Reserve System - USA; Federal Reserve System Board of Governors; New York University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research
刊物名称：
REVIEW OF FINANCIAL STUDIES
ISSN/ISSBN：
0893-9454
DOI：
10.1093/rfs/hhab076
发表日期：
2021
页码：
5188
关键词：
摘要：
We study an economy's response to an unexpected epidemic. The spread of the disease can be mitigated by reducing consumption and hours worked in the office. Working from home is subject to learning-by-doing. Private agents' rational incentives are relatively weak and fatalistic. The planner recognizes infection and congestion externalities and implements front-loaded mitigation. Under our calibration, the planner reduces cumulative fatalities by 48% compared to 24% by private agents, although with a sharper drop in consumption. Our model can replicate key industry and/or occupational-level patterns and explain how large variations in outcomes across regions can stem from small initial differences.
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