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      A literature review of the economics of COVID‐19

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          Abstract

          The goal of this piece is to survey the developing and rapidly growing literature on the economic consequences of COVID‐19 and the governmental responses, and to synthetize the insights emerging from a very large number of studies. This survey: (i) provides an overview of the data sets and the techniques employed to measure social distancing and COVID‐19 cases and deaths; (ii) reviews the literature on the determinants of compliance with and the effectiveness of social distancing; (iii) mentions the macroeconomic and financial impacts including the modelling of plausible mechanisms; (iv) summarizes the literature on the socioeconomic consequences of COVID‐19, focusing on those aspects related to labor, health, gender, discrimination, and the environment; and (v) summarizes the literature on public policy responses.

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          The effect of human mobility and control measures on the COVID-19 epidemic in China

          Moritz Kraemer, Chia-Hung Yang, Bernardo Gutiérrez … (2020)
          The ongoing COVID-19 outbreak expanded rapidly throughout China. Major behavioral, clinical, and state interventions have been undertaken to mitigate the epidemic and prevent the persistence of the virus in human populations in China and worldwide. It remains unclear how these unprecedented interventions, including travel restrictions, affected COVID-19 spread in China. We use real-time mobility data from Wuhan and detailed case data including travel history to elucidate the role of case importation on transmission in cities across China and ascertain the impact of control measures. Early on, the spatial distribution of COVID-19 cases in China was explained well by human mobility data. Following the implementation of control measures, this correlation dropped and growth rates became negative in most locations, although shifts in the demographics of reported cases were still indicative of local chains of transmission outside Wuhan. This study shows that the drastic control measures implemented in China substantially mitigated the spread of COVID-19.
          Article 0 comments Cited 1120 times – based on 0 reviews     Review now
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            Measuring Economic Policy Uncertainty

            Scott R. Baker, Nicholas Bloom, Steven Davis (2016)
            Article 0 comments Cited 1052 times – based on 0 reviews     Review now
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              The effect of large-scale anti-contagion policies on the COVID-19 pandemic

              Solomon Hsiang, Daniel L Allen, Sebastien Annan-Phan … (2020)
              Governments around the world are responding to the coronavirus disease 2019 (COVID-19) pandemic1, caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), with unprecedented policies designed to slow the growth rate of infections. Many policies, such as closing schools and restricting populations to their homes, impose large and visible costs on society; however, their benefits cannot be directly observed and are currently understood only through process-based simulations2-4. Here we compile data on 1,700 local, regional and national non-pharmaceutical interventions that were deployed in the ongoing pandemic across localities in China, South Korea, Italy, Iran, France and the United States. We then apply reduced-form econometric methods, commonly used to measure the effect of policies on economic growth5,6, to empirically evaluate the effect that these anti-contagion policies have had on the growth rate of infections. In the absence of policy actions, we estimate that early infections of COVID-19 exhibit exponential growth rates of approximately 38% per day. We find that anti-contagion policies have significantly and substantially slowed this growth. Some policies have different effects on different populations, but we obtain consistent evidence that the policy packages that were deployed to reduce the rate of transmission achieved large, beneficial and measurable health outcomes. We estimate that across these 6 countries, interventions prevented or delayed on the order of 61 million confirmed cases, corresponding to averting approximately 495 million total infections. These findings may help to inform decisions regarding whether or when these policies should be deployed, intensified or lifted, and they can support policy-making in the more than 180 other countries in which COVID-19 has been reported7.
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                Author and article information

                Contributors
                Abel Brodeur:
                ORCID: https://orcid.org/0000-0003-3980-4324
                abrodeur@uottawa.ca
                Journal
                Journal ID (nlm-ta): J Econ Surv
                Journal ID (iso-abbrev): J Econ Surv
                Journal ID (doi): 10.1111/(ISSN)1467-6419
                Journal ID (publisher-id): JOES
                Title: Journal of Economic Surveys
                Publisher: John Wiley and Sons Inc. (Hoboken )
                ISSN (Print): 0950-0804
                ISSN (Electronic): 1467-6419
                Publication date (Electronic): 18 April 2021
                Electronic Location Identifier: 10.1111/joes.12423
                Affiliations
                [ 1 ] Department of Economics University of Ottawa Ottawa Ontario Canada
                Author notes
                [*] [* ] Correspondence

                Abel Brodeur, Department of Economics, University of Ottawa, 120 University Private, 9th floor, Ottawa, ON K1N 6N5 Canada.

                Email: abrodeur@ 123456uottawa.ca

                Author information
                https://orcid.org/0000-0003-3980-4324
                Article
                Publisher ID: JOES12423
                DOI: 10.1111/joes.12423
                PMC ID: 8250825
                PubMed ID: 34230772
                SO-VID: c8bfdfab-1cc3-4a19-812d-2baefaf08617
                Copyright © © 2021 John Wiley & Sons Ltd.
                License:

                This article is being made freely available through PubMed Central as part of the COVID-19 public health emergency response. It can be used for unrestricted research re-use and analysis in any form or by any means with acknowledgement of the original source, for the duration of the public health emergency.

                History
                Page count
                Figures: 1, Tables: 4, Pages: 38, Words: 20148
                Categories
                Subject: Article
                Subject: Articles
                Custom metadata
                source-schema-version-number 2.0
                edited-state corrected-proof
                details-of-publishers-convertor Converter:WILEY_ML3GV2_TO_JATSPMC version:6.0.4 mode:remove_FC converted:02.07.2021

                Keywords: covid‐19,coronavirus,economic impact,lockdowns,social impact
                Data availability:
                Keywords: covid‐19, coronavirus, economic impact, lockdowns, social impact

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