2023-09-28 14:46:10 +00:00
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abstract: 'We construct a quantitative model of an economy hit by a pandemic.
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People choose occupations and make work-from-home decisions to maximize
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income and minimize their fear of infection. Occupations differ by wage,
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infection risk, and the productivity loss when working from home. The
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model is calibrated to South Korea (SK) and the United Kingdom (UK) to
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compare SK''s intensive testing and quarantine policy against UK''s
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lockdown. We find that SK''s policies would have worked equally well in
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the UK, dramatically reducing both deaths and GDP losses. The key
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contrast between UK''s lockdown and SK''s policies was not in the
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intensity of testing, but weak restrictions on the activity of many (UK)
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versus strict restrictions on a targeted few (SK). Lockdowns themselves
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may not present a clear tradeoff between GDP and public health either. A
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premature lifting of the lockdown raises GDP temporarily, but infections
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rise over time and people voluntarily choose to work from home for fear
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of infection, generating a W-shaped recession. Finally, we find that
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low-skill workers and self-employed always lose the most from both the
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pandemic itself and containment policies. (C) 2020 Elsevier B.V. All
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rights reserved.'
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affiliation: 'Shin, Y (Corresponding Author), Washington Univ, Fed Reserve Bank St
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Louis, St Louis, MO 14263 USA.
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Shin, Y (Corresponding Author), NBER, Cambridge, MA 02138 USA.
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Aum, Sangmin, Myongii Univ, Seoul, South Korea.
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Lee, Sang Yoon (Tim), Queen Mary Univ London, London, England.
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Lee, Sang Yoon (Tim), CEPR, London, England.
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Shin, Yongseok, Washington Univ, Fed Reserve Bank St Louis, St Louis, MO 14263 USA.
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Shin, Yongseok, NBER, Cambridge, MA 02138 USA.'
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article-number: '104354'
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author: Aum, Sangmin and Lee, Sang Yoon (Tim) and Shin, Yongseok
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author-email: 'aumsang@mju.ac.kr
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sylee.tim@qmul.ac.uk
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yshin@wustl.edu'
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author_list:
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- family: Aum
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given: Sangmin
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- family: Lee
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given: Sang Yoon (Tim)
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- family: Shin
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given: Yongseok
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da: '2023-09-28'
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doi: 10.1016/j.jpubeco.2020.104354
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earlyaccessdate: JAN 2021
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files: []
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issn: 0047-2727
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journal: JOURNAL OF PUBLIC ECONOMICS
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keywords: COVID-19; SIR model; Testing; Quarantine; Economic inequality
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language: English
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month: FEB
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number-of-cited-references: '14'
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orcid-numbers: Aum, Sangmin/0000-0002-4993-0562
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papis_id: 2cba4e8c3e7284a6cca62003fb0e043c
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ref: Aum2021inequalityfear
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researcherid-numbers: Aum, Sangmin/AAQ-4147-2020
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times-cited: '36'
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title: 'Inequality of fear and self-quarantine: Is there a trade-off between GDP and
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public health?'
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2023-10-01 08:15:07 +00:00
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type: article
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2023-09-28 14:46:10 +00:00
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unique-id: WOS:000618690000009
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usage-count-last-180-days: '5'
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usage-count-since-2013: '26'
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volume: '194'
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web-of-science-categories: Economics
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year: '2021'
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