Brzoza-Brzezina, Michał; Kolasa, Marcin; Makarski, … - 2021
We study the macroeconomic effects of the COVID-19 epidemic in a quantitative dynamic general equilibrium setup with … play during the epidemic. According to our results, treating the observed output contraction as a standard recession leads … economy and containing the epidemic. If no administrative restrictions are in place, the second motive prevails and, despite …