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The impact of health and economic policies on the spread of COVID-19 and economic activity()
This paper empirically investigates the causal linkages between COVID-19 spread, government health containment and economic support policies, and economic activity in the U.S. up to the introduction of vaccines in early 2021. We model their joint dynamics as generated by a structural vector autoregr...
Autores principales: | , |
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Formato: | Online Artículo Texto |
Lenguaje: | English |
Publicado: |
The Authors. Published by Elsevier B.V.
2022
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Materias: | |
Acceso en línea: | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8912987/ https://www.ncbi.nlm.nih.gov/pubmed/35291621 http://dx.doi.org/10.1016/j.euroecorev.2022.104087 |
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author | Famiglietti, Matthew Leibovici, Fernando |
author_facet | Famiglietti, Matthew Leibovici, Fernando |
author_sort | Famiglietti, Matthew |
collection | PubMed |
description | This paper empirically investigates the causal linkages between COVID-19 spread, government health containment and economic support policies, and economic activity in the U.S. up to the introduction of vaccines in early 2021. We model their joint dynamics as generated by a structural vector autoregression and estimate it using U.S. state-level data. We identify structural shocks to the variables by making assumptions on their short-run relation consistent with salient epidemiological and economic features of COVID-19. We isolate the direct impact of COVID-19 spread and policy responses on economic activity by controlling for demand fluctuations using disaggregate exports data. We find that health containment and economic support policies are highly effective at curbing the spread of COVID-19 without leading to a long-term contraction of economic activity. |
format | Online Article Text |
id | pubmed-8912987 |
institution | National Center for Biotechnology Information |
language | English |
publishDate | 2022 |
publisher | The Authors. Published by Elsevier B.V. |
record_format | MEDLINE/PubMed |
spelling | pubmed-89129872022-03-11 The impact of health and economic policies on the spread of COVID-19 and economic activity() Famiglietti, Matthew Leibovici, Fernando Eur Econ Rev Article This paper empirically investigates the causal linkages between COVID-19 spread, government health containment and economic support policies, and economic activity in the U.S. up to the introduction of vaccines in early 2021. We model their joint dynamics as generated by a structural vector autoregression and estimate it using U.S. state-level data. We identify structural shocks to the variables by making assumptions on their short-run relation consistent with salient epidemiological and economic features of COVID-19. We isolate the direct impact of COVID-19 spread and policy responses on economic activity by controlling for demand fluctuations using disaggregate exports data. We find that health containment and economic support policies are highly effective at curbing the spread of COVID-19 without leading to a long-term contraction of economic activity. The Authors. Published by Elsevier B.V. 2022-05 2022-03-11 /pmc/articles/PMC8912987/ /pubmed/35291621 http://dx.doi.org/10.1016/j.euroecorev.2022.104087 Text en © 2022 The Authors Since January 2020 Elsevier has created a COVID-19 resource centre with free information in English and Mandarin on the novel coronavirus COVID-19. The COVID-19 resource centre is hosted on Elsevier Connect, the company's public news and information website. Elsevier hereby grants permission to make all its COVID-19-related research that is available on the COVID-19 resource centre - including this research content - immediately available in PubMed Central and other publicly funded repositories, such as the WHO COVID database with rights for unrestricted research re-use and analyses in any form or by any means with acknowledgement of the original source. These permissions are granted for free by Elsevier for as long as the COVID-19 resource centre remains active. |
spellingShingle | Article Famiglietti, Matthew Leibovici, Fernando The impact of health and economic policies on the spread of COVID-19 and economic activity() |
title | The impact of health and economic policies on the spread of COVID-19 and economic activity() |
title_full | The impact of health and economic policies on the spread of COVID-19 and economic activity() |
title_fullStr | The impact of health and economic policies on the spread of COVID-19 and economic activity() |
title_full_unstemmed | The impact of health and economic policies on the spread of COVID-19 and economic activity() |
title_short | The impact of health and economic policies on the spread of COVID-19 and economic activity() |
title_sort | impact of health and economic policies on the spread of covid-19 and economic activity() |
topic | Article |
url | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8912987/ https://www.ncbi.nlm.nih.gov/pubmed/35291621 http://dx.doi.org/10.1016/j.euroecorev.2022.104087 |
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