The Effects Of Covid 19 Vaccines On Economic Activity
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The Effects Of Covid 19 Vaccines On Economic Activity
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Author : Mr. Pragyan Deb
language : en
Publisher: International Monetary Fund
Release Date : 2021-10-19
The Effects Of Covid 19 Vaccines On Economic Activity written by Mr. Pragyan Deb and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-10-19 with Business & Economics categories.
This paper empirically examines the economic effects of COVID-19 vaccine rollouts using a cross-country daily database of vaccinations and high frequency indicators of economic activity—nitrogen dioxide (NO2) emissions, carbon monoxide (CO) emissions, and Google mobility indices—for a sample of 46 countries over the period December 16, 2020 to June 20, 2021. Using surprises in vaccines administered, we find that an unexpected increase in vaccination per capita is associated with a significant increase in economic activity. We also find evidence for non-linear effects of vaccines, with the marginal economic benefits being larger when vaccination rates are higher. Country-specific conditions play an important role, with lower economic gains if strict containment measures are in place or if the country is experiencing a severe outbreak. Finally, the results provide evidence of spillovers across borders, highlighting the importance of equitable access to vaccines across nations.
Covid 19 Vaccines A Shot In Arm For The Economy
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Author : Mr. Niels-Jakob H Hansen
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2021-12-03
Covid 19 Vaccines A Shot In Arm For The Economy written by Mr. Niels-Jakob H Hansen and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-12-03 with Business & Economics categories.
We quantify the effect of vaccinations on economic activity in the United States using weekly county level data covering the period end-2020 to mid-2021. Causal effects are identified through instrumenting vaccination rates with county-level pharmacy density interacted with state-level vaccine allocations, and by including county and state-time fixed effects to control for unobserved factors. We find that vaccinations are a significant and substantial shot in the arm of the economy. Specifically, an increase of initiated vaccination rates of 1 percentage point increases weekly consumer spending by 0.6 percent and reduces weekly initial unemployment claims by 0.004 percentage points of the 2019 labor force. Vaccinations also increase workrelated mobility. Importantly, we find that the effects vary with county characteristics. Specifically, urban counties and counties with initially worse socioeconomic conditions and lower education levels exhibit larger effects of vaccinations. This way, vaccinations are also a fair shot in the arm for the economy, which highlights that equitable distribution of vaccines is important to reduce inequality. Our results are specific to the United States, but hold important lessons for the expected economic impact of vaccinations in other countries.
Far More Than A Shot In The Arm Vaccines And Consumer Spending
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Author : Mr. Serhan Cevik
language : en
Publisher: International Monetary Fund
Release Date : 2023-04-21
Far More Than A Shot In The Arm Vaccines And Consumer Spending written by Mr. Serhan Cevik and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-04-21 with Business & Economics categories.
The spread of the COVID-19 pandemic and government interventions have reshaped economic activity with abrupt changes in household consumption behavior across the world. This paper provides an empirical investigation of how the COVID-19 vaccine rollout has affected consumer spending at daily frequency using debit and credit card transactions in three European countries. Empirical results show that COVID-19 vaccinations, along with other policy interventions, have mitigated the severe negative impact of the pandemic and boosted consumer spending. First, the vaccination deployment has a statistically and economically significant positive effect on private consumption. Second, other policy responses to the pandemic—designed to contain the spread of the virus and provide support to businesses and households—have significant effects on the amount and composition of debit and credit card transactions. Third, the impact of COVID-19 vaccinations in terms of stimulating consumer spending appears to be more pronounced on contact-intensive sectors such as services than goods.
The Pandemic Information Gap
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Author : Joshua Gans
language : en
Publisher: MIT Press
Release Date : 2020-11-10
The Pandemic Information Gap written by Joshua Gans and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-11-10 with Business & Economics categories.
Why solving the information problem should be at the core of our pandemic response: essential reading about the long-term implications of our current crisis. COVID-19 is caused by a virus. The COVID-19 pandemic is caused by a lack of good information. A pandemic is essentially an information problem: this is the enlightening and provocative idea at the heart of this book. If we solve the information problem, argues economist Joshua Gans, we can defeat the virus. For example, when we don't know who is infected, we have to act as if everyone is infected. If we actively manage the information problem--if we know who is infected and with whom they had contact--we can suppress the virus or buy time for vaccine development. This is an expanded version of an eBook originally published as Economics in the Age of COVID-19.
Will The Economic Impact Of Covid 19 Persist Prognosis From 21st Century Pandemics
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Author : Johannes Emmerling
language : en
Publisher: International Monetary Fund
Release Date : 2021-04-30
Will The Economic Impact Of Covid 19 Persist Prognosis From 21st Century Pandemics written by Johannes Emmerling and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-04-30 with Business & Economics categories.
COVID-19 has had a disruptive economic impact in 2020, but how long its impact will persist remains unclear. We offer a prognosis based on an analysis of the effects of five previous major epidemics in this century. We find that these pandemics led to significant and persistent reductions in disposable income, along with increases in unemployment, income inequality and public debt-to-GDP ratios. Energy use and CO2 emissions dropped, but mostly because of the persistent decline in the level of economic activity rather than structural changes in the energy sector. Applying our empirical estimates to project the impact of COVID-19, we foresee significant scarring in economic performance and income distribution through 2025, which be associated with an increase in poverty of about 75 million people. Policy responses more effective than those in the past would be required to forestall these outcomes.
Spillovers To Emerging Markets From Us Economic News And Monetary Policy
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Author : Philipp Engler
language : en
Publisher: International Monetary Fund
Release Date : 2023-05-19
Spillovers To Emerging Markets From Us Economic News And Monetary Policy written by Philipp Engler and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-05-19 with Business & Economics categories.
When the U.S. economy sneezes, do emerging markets catch a cold? We show that economic news, and not just monetary policy, in the United States affects financial conditions in emerging markets. News about U.S. employment has the strongest effects, followed by news about economic activity and about vaccines during the COVID-19 pandemic. News about inflation has instead limited effects on average. A key channel of international transmission of U.S. economic news appears to be the risk perceptions or risk aversion of international investors. We also show that some of the transmission of U.S. economic news occurs independently of the U.S. monetary policy reaction. Finally, we expand on evidence that financial conditions in the U.S. and emerging markets respond differently to U.S. monetary policy surprises, depending on the reaction of US stock prices.
Economic Policy And The Covid 19 Crisis
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Author : Bernadette Andreosso-O'Callaghan
language : en
Publisher: Routledge
Release Date : 2021-09-28
Economic Policy And The Covid 19 Crisis written by Bernadette Andreosso-O'Callaghan and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-09-28 with Business & Economics categories.
This book offers an assessment of the different monetary and fiscal policy responses that have been implemented by national governments in major European and Asian countries faced with the Covid-19 crisis since 2020; it also deals with the case of the US experience as a benchmarking example. The book provides a comprehensive cross-country comparative study on health crisis management at the macroeconomic level. Its focus on monetary and fiscal policies across different countries in Asia, Europe and the USA makes it unique. Divided into three parts following a general introduction that sets the context of the study, the book deals with the case of the USA, EU and European countries as well as with that of key Asian countries. Of specific relevance is the European Union and euro-area contexts that serve as a framework to the different EU national monetary and fiscal policy responses. Each chapter deals with a specific country, including Italy and the UK in Europe and Singapore and South Korea in Asia, and covers the following topics: the extent of the outbreak of the public health crisis and its macroeconomic impact; the comparative examination of fiscal and monetary policy responses to both crises; and an overall assessment of the effectiveness of these policies along with the public health policy to mitigate the economic impact. Given the unprecedented nature of the Covid-19 crisis, anyone eager to know more about its macroeconomic impact and ensuing policies in a comparative framework will be keen to read this book. It will be essential reading to any researcher, policy maker and/or analyst working in the area of public policy and is also a unique contribution to the field of European studies, Asian studies and Comparative Economic Studies.
South Asia Economic Focus
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Author : World Bank
language : en
Publisher: World Bank Publications
Release Date : 2021
South Asia Economic Focus written by World Bank and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with Business & Economics categories.
South Asia region’s economies are beginning to recover, though unevenly: economic activity in industry and export sectors have recovered to pre-COVID levels but some labor-intensive services sectors and tourism have not. Inequality has worsened on many dimensions. The process of vaccinating South Asia’s population is underway, with India taking a leading role in production. The socioeconomic benefits of vaccinating most South Asians as soon as possible outweighs the cost by multiple times, and thus justifies having public sector financing. Cracks in the primary health care system became evident since the pandemic began, and the vaccine rollout is likely to have other additional challenges such as delays in production, bottlenecks in supply chain logistics and vaccine hesitancy from some groups (which could delay the process of herd immunity). There are also tradeoffs in the priorities that should be established in deciding who gets the vaccine first.
The Impact Of Covid 19 On Economic Activity
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Author : Nikolay Angelov
language : en
Publisher:
Release Date : 2021
The Impact Of Covid 19 On Economic Activity written by Nikolay Angelov and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with COVID-19 (Disease) categories.
We use population-wide tax register data to document the impact of the COVID-19 pandemic on firm sales, tax revenues, and sick pay in Sweden. The pandemic impact is identified using within-year, between-year, and geographical variation, and our data allows us to run placebo tests. Our findings confirm the large negative effects of the pandemic, but shed new light on their magnitudes and sensitivity to COVID-19 morbidity rates. Specifically, we find that the impact on VAT and firm sales was larger than on commonly used industrial and service production indexes, larger than the effect on electricity for industrial use, but less than the effect on excise taxes on air travel. The pandemic's impact on short-term sick pay is large, but unlike tax payments, it does not vary with local infection rates, indicating behavioral responses to more generous rules for sickness insurance during the pandemic.
Covid 19 And Economic Development In Latin America
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Author : Monika Meireles
language : en
Publisher: Taylor & Francis
Release Date : 2023-07-06
Covid 19 And Economic Development In Latin America written by Monika Meireles and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-07-06 with Business & Economics categories.
The impact of the COVID-19 pandemic on the global economy, just as with the Great Recession a decade earlier, has served to reinforce the fact that the world is hierarchically organized and the distribution of power between countries is distinctly asymmetric. Gathering multiple viewpoints of Latin American researchers, this book explores the impacts of the pandemic, including unequal access to vaccines and recovery finance, on economies in the region. The book is organised in three substantial sections: the first brings together conceptual work which rethinks the fundamental categories for critical thinking on the challenges for Latin American development in a post-pandemic scenario. In the second part, the chapters focus on studying the Latin American financial reconfiguration that is being driven by the pandemic, particularly through a comparison of the experience of countries of the world economy’s core and periphery. Finally, the third part evaluates the concrete experiences of different Latin American countries in this very specific historical moment, emphatically analyzing the economic policy responses that the governments are adopting to deal with the current sanitary emergency and its economic and social effects. From this, the book suggests keystone elements for the relaunch of development strategies in the region as it recovers from the pandemic. This book will be of particular interest to readers of critical or heterodox perspectives on the economics of the pandemic, Latin American development and emerging economies.