![]() ![]() Goldman Sachs, as a Goldman Sachs GMI fellow. As a research visitor.Ĭowles Foundation, Yale, US. Toulouse School of Economics, Toulouse, France. As a research visitor and a visiting short term professor. Universidad Torcuato Di Tella, Argentina. As Duisenberg Fellow as regular research visitor to the MPR division. As a speaker and short term consultant on their research department.Įuropean Central Bank, Frankfurt, Germany. As an invited visiting professor.īank of International Settlements, Basel, Switzerland. As consultant to the Research Department. As consultant to the Research Department.įederal Reserve Bank of Richmond, US. As consultant to the Research Department.įederal Reserve Bank of Philadelphia, US. As consultant to the Research Department.įederal Reserve Bank of Minneapolis, US. I have visited, taught, or consulted for the following institutions, where I have received an honorarium and/or have been paid travel expenses:įederal Reserve Bank of Chicago, US. Welfare under the optimal policy with testing is higher, equivalent to a one-time payment of 2% of GDP. The absence of testing increases the economic costs of the lockdown, and shortens the duration of the optimal lockdown which ends more abruptly. ![]() The intensity of the lockdown depends on the gradient of the fatality rate as a function of the infected, and on the assumed value of a statistical life. The optimal policy prescribes a severe lockdown beginning two weeks after the outbreak, covers 60% of the population after a month, and is gradually withdrawn covering 20% of the population after 3 months. Our baseline parametrization is conditional on a 1% of infected agents at the outbreak, no cure for the disease, and the possibility of testing. The quantitative analysis identifies the features that shape the intensity and duration of the optimal lockdown policy. We parametrize the model using data on the COVID19 pandemic and the economic breadth of the lockdown. The optimal policy depends on the fraction of infected and susceptible in the population. We use the SIR epidemiology model and a linear economy to formalize the planner's dynamic control problem. We study the optimal lockdown policy for a planner who wants to control the fatalities of a pandemic while minimizing the output costs of the lockdown.
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