Tracking the Economic Impact of COVID-19 and Mitigation Policies in Europe and the United States

Author: Sophia Chen, Ms. Deniz O Igan, Mr. Nicola Pierri, and Mr. Andrea F Presbitero

Volume/Issue: Volume 2020 Issue 125

Publication date: July 2020

ISBN: 9781513549644

$18.00

Add to Cart by clicking price of the language and format you'd like to purchase

Available Languages and Formats


English

Prices in red indicate formats that are not yet available but are forthcoming.

Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Labor , Economics- Macroeconomics , Public Finance , WP , economic activity , Non-Pharmaceutical Interventions , weakening economy , COVID-19 , Mitigation policies , Pandemic , Electricity , Labor market , mitigation policy , NPI adopter , state level , NPIs introduction , economic recovery , Google community mobility , policy response , hit country , NPI timing , Unemployment , Labor markets , Europe , energy consumption , anticipation effect , Unemployment benefits

Also of interest

WORKING PAPERS PUBLISHED IN JUNE 2004

WORKING PAPERS PUBLISHED IN JUNE 2005

WORKING PAPERS PUBLISHED IN SEPTEMBER 2003

Summary

We use high-frequency indicators to analyze the economic impact of COVID-19 in Europe and the United States during the early phase of the pandemic. We document that European countries and U.S. states that experienced larger outbreaks also suffered larger economic losses. We also find that the heterogeneous impact of COVID-19 is mostly captured by observed changes in people’s mobility, while, so far, there is no robust evidence supporting additional impact from the adoption of non-pharmaceutical interventions. The deterioration of economic conditions preceded the introduction of these policies and a gradual recovery also started before formal reopening, highlighting the importance of voluntary social distancing, communication, and trust-building measures.