The Macroeconomics of Epidemics
TLDR
In this article, the authors extend the canonical epidemiology model to study the interaction between economic decisions and epidemics, and they show that people's decision to cut back on consumption and work reduces the severity of the epidemic, as measured by total deaths.Abstract:
We extend the canonical epidemiology model to study the interaction between economic decisions and epidemics. Our model implies that people’s decision to cut back on consumption and work reduces the severity of the epidemic, as measured by total deaths. These decisions exacerbate the size of the recession caused by the epidemic. The competitive equilibrium is not socially optimal because infected people do not fully internalize the effect of their economic decisions on the spread of the virus. In our benchmark model, the best simple containment policy increases the severity of the recession but saves roughly half a million lives in the U.S.read more
Citations
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Journal ArticleDOI
COVID-19 pandemic, oil prices, stock market, geopolitical risk and policy uncertainty nexus in the US economy: Fresh evidence from the wavelet-based approach
TL;DR: In this article, the authors analyzed the connectedness between the recent spread of COVID-19, oil price volatility shock, the stock market, geopolitical risk and economic policy uncertainty in the US within a time-frequency framework.
ReportDOI
COVID-induced economic uncertainty
Scott R. Baker,Nicholas Bloom,Nicholas Bloom,Steven J. Davis,Steven J. Davis,Steven J. Davis,Stephen J. Terry +6 more
TL;DR: In this article, the authors identify three indicators (i.e., stock market volatility, newspaper-based economic uncertainty, and subjective uncertainty in business expectation surveys) that provide real-time forward-looking uncertainty measures.
ReportDOI
Macroeconomic Implications of COVID-19: Can Negative Supply Shocks Cause Demand Shortages?
TL;DR: In this article, the authors present a theory of Keynesian supply shocks: supply shocks that trigger changes in aggregate demand larger than the shocks themselves, and argue that the economic shocks associated to the COVID-19 epidemic may have this feature.
Journal ArticleDOI
Economic Uncertainty Before and During the COVID-19 Pandemic.
David Altig,Scott R. Baker,Jose Maria Barrero,Nicholas Bloom,Philip Bunn,Scarlet Chen,Steven J. Davis,Julia Leather,Brent Meyer,Emil Mihaylov,Paul Mizen,Nicholas B. Parker,Thomas Renault,Pawel Smietanka,Gregory Thwaites +14 more
TL;DR: This work considers several economic uncertainty indicators for the US and UK before and during the COVID-19 pandemic, finding that all indicators show huge uncertainty jumps in reaction to the pandemic and its economic fallout, and most indicators reach their highest values on record.
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The impact of COVID-19 on emerging stock markets.
Mert Topcu,Omer Serkan Gulal +1 more
TL;DR: Findings reveal that the negative impact of pandemic on emerging stock markets has gradually fallen and begun to taper off by mid-April, and that response time and the size of stimulus package by the governments matter in offsetting the effects of the pandemic.
References
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Journal ArticleDOI
A contribution to the mathematical theory of epidemics
TL;DR: In this article, the authors considered the problem of finding a causal factor which appears to be adequate to account for the magnitude of the frequent epidemics of disease which visit almost every population.
A Contribution to the Mathematical Theory of Epidemics.
TL;DR: The present communication discussion will be limited to the case in which all members of the community are initially equally susceptible to the disease, and it will be further assumed that complete immunity is conferred by a single infection.
Journal ArticleDOI
Detecting influenza epidemics using search engine query data
Jeremy Ginsberg,Matthew H. Mohebbi,Rajan Patel,Lynnette Brammer,Mark S. Smolinski,Lawrence B. Brilliant +5 more
TL;DR: A method of analysing large numbers of Google search queries to track influenza-like illness in a population and accurately estimate the current level of weekly influenza activity in each region of the United States with a reporting lag of about one day is presented.
Report 9: Impact of non-pharmaceutical interventions (NPIs) to reduce COVID19 mortality and healthcare demand
Neil M. Ferguson,Daniel J Laydon,G Nedjati Gilani,Natsuko Imai,Kylie E. C. Ainslie,Marc Baguelin,Sangeeta N. Bhatia,A Boonyasiri,Z Cucunuba Perez,Gina Cuomo-Dannenburg,Amy Dighe,Ilaria Dorigatti,Han Fu,Katy A. M. Gaythorpe,W Green,Arran Hamlet,Wes Hinsley,Lucy C Okell,S Van Elsland,H Thompson,Robert Verity,Erik M. Volz,Haowei Wang,Y Wang,Patrick G T Walker,Caroline E. Walters,Peter Winskill,Charles Whittaker,Christl A. Donnelly,Steven Riley,Azra C. Ghani +30 more
TL;DR: Neil M Ferguson, Daniel Laydon, Gemma Nedjati-Gilani, Natsuko Imai, Kylie Ainslie, Sangeeta Bhatia, Adhiratha Boonyasiri, Zulma Cucunubá, Gina Cuomo-Dannenburg, Amy Dighe, Ilaria Dorigatti, Han Fu, Katy Gaythorpe, Will Green, Arran Hamlet, Wes Hinsley, Lucy C Okell.
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Strategies for mitigating an influenza pandemic
Neil M. Ferguson,Derek A. T. Cummings,Christophe Fraser,James Cajka,Philip C. Cooley,Donald S. Burke +5 more
TL;DR: It is found that border restrictions and/or internal travel restrictions are unlikely to delay spread by more than 2–3 weeks unless more than 99% effective, and vaccine stockpiled in advance of a pandemic could significantly reduce attack rates even if of low efficacy.
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Report 9: Impact of non-pharmaceutical interventions (NPIs) to reduce COVID19 mortality and healthcare demand
Neil M. Ferguson,Daniel J Laydon,G Nedjati Gilani,Natsuko Imai,Kylie E. C. Ainslie,Marc Baguelin,Sangeeta N. Bhatia,A Boonyasiri,Z Cucunuba Perez,Gina Cuomo-Dannenburg,Amy Dighe,Ilaria Dorigatti,Han Fu,Katy A. M. Gaythorpe,W Green,Arran Hamlet,Wes Hinsley,Lucy C Okell,S Van Elsland,H Thompson,Robert Verity,Erik M. Volz,Haowei Wang,Y Wang,Patrick G T Walker,Caroline E. Walters,Peter Winskill,Charles Whittaker,Christl A. Donnelly,Steven Riley,Azra C. Ghani +30 more