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We review economic arguments for using public policy to accelerate vaccine supply during a pandemic. Rapidly vaccinating a large share of the global population helps avoid economic, mortality, and social losses, which in the case of Covid-19 mounted into trillions of dollars. However,...
Persistent link: https://www.econbiz.de/10013334410
Infectious disease is currently the main cause of mortality in the world and has been even more important historically. This paper reviews recent research in economic epidemiology. Specifically, it discusses the occurrence of infectious diseases and the effects of public health interventions...
Persistent link: https://www.econbiz.de/10012471763
gap". Then policies targeting durability raise welfare. While externalities are corrected by Pigovian taxes that ignore …
Persistent link: https://www.econbiz.de/10012597021
this end, we employ a dynamic stochastic general equilibrium model in which human capital externalities and public … imperfection due to human capital externalities. We also expose the economy to varying degrees of uncertainty via changes in the …
Persistent link: https://www.econbiz.de/10003806000
This paper performs a welfare analysis of economies with private information when public information is endogenously generated and agents can condition on noisy public statistics in the rational expectations tradition. We find that equilibrium is not (restricted) efficient even when feasible...
Persistent link: https://www.econbiz.de/10009153832
Limited liability and asymmetric information between an investment bank and its lenders provide an incentive for a bank to undercapitalise and finance overly risky business projects. To counter this market failure, national governments have imposed solvency constraints on banks. However, these...
Persistent link: https://www.econbiz.de/10011400902
externalities. First, an undercapitalized country borrows too much since each firm does not internalize that an increase in …
Persistent link: https://www.econbiz.de/10010474855
payoffs, or because of informational externalities. In the first case, inefficiency manifests itself in excessive non …
Persistent link: https://www.econbiz.de/10012465056
We construct a model of offshoring with externalities and firm heterogeneity. Due to the presence of externalities … externalities can help explain the dynamic process of offshoring, where the most productive firms offshore first and the others …
Persistent link: https://www.econbiz.de/10012466954
of rational addiction are crucial for the design of public policy. In particular, accounting for peer externalities …
Persistent link: https://www.econbiz.de/10012469460