Macroeconomic Outcomes and Covid-19: A Progress Report

42 Pages Posted: 27 Oct 2020 Last revised: 8 Jan 2024

See all articles by Jesús Fernández-Villaverde

Jesús Fernández-Villaverde

University of Pennsylvania - Department of Economics; National Bureau of Economic Research (NBER)

Charles I. Jones

Stanford Graduate School of Business; National Bureau of Economic Research (NBER)

Multiple version iconThere are 2 versions of this paper

Date Written: October 2020

Abstract

This paper combines data on GDP, unemployment, and Google's COVID-19 Community Mobility Reports with data on deaths from COVID-19 to study the macroeconomic outcomes of the pandemic. We present results from an international perspective using data at the country level as well as results for individual U.S. states and key cities throughout the world. The data from these different levels of geographic aggregation offer a remarkably similar view of the pandemic despite the substantial heterogeneity in outcomes. Countries like Korea, Japan, Germany, and Norway and cities such as Tokyo and Seoul have comparatively few deaths and low macroeconomic losses. At the other extreme, New York City, Lombardy, the United Kingdom, and Madrid have many deaths and large macroeconomic losses. There are fewer locations that seem to succeed on one dimension but suffer on the other, but these include California and Sweden. The variety of cases potentially offers useful policy lessons regarding how to use non-pharmaceutical interventions to support good economic and health outcomes.

Suggested Citation

Fernández-Villaverde, Jesús and Jones, Charles I., Macroeconomic Outcomes and Covid-19: A Progress Report (October 2020). NBER Working Paper No. w28004, Available at SSRN: https://ssrn.com/abstract=3718916

Jesús Fernández-Villaverde (Contact Author)

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Charles I. Jones

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