COVID-19 Vaccines: A Shot in Arm for the Economy PDF Download

Author: Mr. Niels-Jakob H Hansen
Publisher: INTERNATIONAL MONETARY FUND
ISBN: 9781557753540
Category : Business & Economics
Languages : en
Pages : 20

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Book Description
We quantify the effect of vaccinations on economic activity in the United States using weekly county level data covering the period end-2020 to mid-2021. Causal effects are identified through instrumenting vaccination rates with county-level pharmacy density interacted with state-level vaccine allocations, and by including county and state-time fixed effects to control for unobserved factors. We find that vaccinations are a significant and substantial shot in the arm of the economy. Specifically, an increase of initiated vaccination rates of 1 percentage point increases weekly consumer spending by 0.6 percent and reduces weekly initial unemployment claims by 0.004 percentage points of the 2019 labor force. Vaccinations also increase workrelated mobility. Importantly, we find that the effects vary with county characteristics. Specifically, urban counties and counties with initially worse socioeconomic conditions and lower education levels exhibit larger effects of vaccinations. This way, vaccinations are also a fair shot in the arm for the economy, which highlights that equitable distribution of vaccines is important to reduce inequality. Our results are specific to the United States, but hold important lessons for the expected economic impact of vaccinations in other countries.

Author: Mr. Pragyan Deb
Publisher: International Monetary Fund
ISBN: 1589063767
Category : Business & Economics
Languages : en
Pages : 47

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Book Description
This paper empirically examines the economic effects of COVID-19 vaccine rollouts using a cross-country daily database of vaccinations and high frequency indicators of economic activity—nitrogen dioxide (NO2) emissions, carbon monoxide (CO) emissions, and Google mobility indices—for a sample of 46 countries over the period December 16, 2020 to June 20, 2021. Using surprises in vaccines administered, we find that an unexpected increase in vaccination per capita is associated with a significant increase in economic activity. We also find evidence for non-linear effects of vaccines, with the marginal economic benefits being larger when vaccination rates are higher. Country-specific conditions play an important role, with lower economic gains if strict containment measures are in place or if the country is experiencing a severe outbreak. Finally, the results provide evidence of spillovers across borders, highlighting the importance of equitable access to vaccines across nations.

Author: Mr. Serhan Cevik
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 15

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Book Description
The spread of the COVID-19 pandemic and government interventions have reshaped economic activity with abrupt changes in household consumption behavior across the world. This paper provides an empirical investigation of how the COVID-19 vaccine rollout has affected consumer spending at daily frequency using debit and credit card transactions in three European countries. Empirical results show that COVID-19 vaccinations, along with other policy interventions, have mitigated the severe negative impact of the pandemic and boosted consumer spending. First, the vaccination deployment has a statistically and economically significant positive effect on private consumption. Second, other policy responses to the pandemic—designed to contain the spread of the virus and provide support to businesses and households—have significant effects on the amount and composition of debit and credit card transactions. Third, the impact of COVID-19 vaccinations in terms of stimulating consumer spending appears to be more pronounced on contact-intensive sectors such as services than goods.

Author: Yossi Sheffi
Publisher: MIT CTL Media
ISBN:
Category : Business & Economics
Languages : en
Pages : 189

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Book Description
In A Shot in the Arm, MIT Professor Yossi Sheffi recounts the extraordinary journey to deliver Covid-19 vaccines: from scientific advancements to candidate vaccines and mass vaccination. It is a story of bold innovation, risk-taking, and teamwork as scientists, engineers, supply chain experts, manufacturers, and governments collaborated on the greatest product launch in history. The book also highlights the breathtaking potential of revolutionary mRNA technology and the vital lessons for combating other global challenges, including climate change.

Author: Hibah Khan
Publisher: International Monetary Fund
ISBN: 1513573713
Category : Business & Economics
Languages : en
Pages : 41

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Book Description
Quick vaccine rollouts are crucial for a strong economic recovery, but vaccine hesitancy could prolong the pandemic and the need for social distancing and lockdowns. We use individual-level data from nationally representative surveys developed by YouGov and Imperial College London to empirically examine the determinants of vaccine hesitancy across 17 countries and over time. Vaccine demand depends on demographic features such as age and gender, but also on perceptions about the severity of COVID-19 and side effects of the vaccine, vaccine access, compliance with protective behaviors, overall trust in government, and how information is shared with peers. We then introduce vaccine hesitancy into an extended SIR model to assess its impact on pandemic dynamics. We find that hesitancy can increase COVID-19 infections and deaths significantly if it slows down vaccine rollouts, but has a smaller impact if all willing adults can be immunized rapidly.

Author: Ruchir Agarwal
Publisher: International Monetary Fund
ISBN: 1513577603
Category : Business & Economics
Languages : en
Pages : 54

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Book Description
Urgent steps are needed to arrest the rising human toll and economic strain from the COVID-19 pandemic that are exacerbating already-diverging recoveries. Pandemic policy is also economic policy as there is no durable end to the economic crisis without an end to the health crisis. Building on existing initiatives, this paper proposes pragmatic actions at the national and multilateral level to expeditiously defeat the pandemic. The proposal targets: (1) vaccinating at least 40 percent of the population in all countries by the end of 2021 and at least 60 percent by the first half of 2022, (2) tracking and insuring against downside risks, and (3) ensuring widespread testing and tracing, maintaining adequate stocks of therapeutics, and enforcing public health measures in places where vaccine coverage is low. The benefits of such measures at about $9 trillion far outweigh the costs which are estimated to be around $50 billion—of which $35 billion should be paid by grants from donors and the residual by national governments potentially with the support of concessional financing from bilateral and multilateral agencies. The grant funding gap identified by the Access to COVID-19 Tools (ACT) Accelerator amounts to about $22 billion, which the G20 recognizes as important to address. This leaves an estimated $13 billion in additional grant contributions needed to finance our proposal. Importantly, the strategy requires global cooperation to secure upfront financing, upfront vaccine donations, and at-risk investment to insure against downside risks for the world.

Author: Johann Graf Lambsdorff
Publisher: Routledge
ISBN: 1134316720
Category : Business & Economics
Languages : en
Pages : 273

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Book Description
This book constitutes a thorough analysis of the phenomenon of corruption, as seen from the perspective of New Institutional Economics - one of the most influential new schools of thought in the social sciences of the past decade.

Author: Deniz Igan
Publisher:
ISBN:
Category :
Languages : en
Pages :

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Book Description

Author: Jason Schenker
Publisher:
ISBN: 9781957772028
Category :
Languages : en
Pages :

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Book Description
The impact of COVID-19 has been unprecedented in many ways, but what could the future hold after there is widespread availability of a vaccine? While 2021 may be a year in which the world moves toward recovery, the economic, business, political, and social impacts in the wake of COVID will be staccato and punctuated by uncertainty. In After the COVID Vaccine, top-ranked forecaster and Chairman of The Futurist Institute, Jason Schenker, offers futurist perspectives on the opportunities, risks, challenges, and threats to businesses and organizations as their leaders weigh strategic options for embracing the new normal, reverting to the old normal, or finding a middle way forward. Some of the chapters of this book include The New, New Normal, The Speed of Normalcy, Evaluating Expectations, The Future of the Economy, Business Priorities After the Vaccine, The Future of Work, The Future of Education, The Future of Energy, The Future of Finance, The Future of Monetary Policy, The Future of Fiscal Policy, The Future of Real Estate, The Future of Supply Chain, The Future of International Relations, The Future of National Security, The Future of Travel and Leisure, The Future of ESG and Sustainability, The Future of Healthcare, This book was discussed in a CNN TV Interview as well as a Bloomberg TV interview by Jason Schenker, the author and the Chairman of The Futurist Institute.

Author: Pragyan Deb
Publisher:
ISBN: 9781513550251
Category :
Languages : en
Pages : 44

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Book Description
Containment measures are crucial to halt the spread of the 2019 COVID-19 pandemic but entail large short-term economic costs. This paper tries to quantify these effects using daily global data on real-time containment measures and indicators of economic activity such as Nitrogen Dioxide (NO2) emissions, flights, energy consumption, maritime trade, and mobility indices. Results suggest that containment measures have had, on average, a very large impact on economic activity--equivalent to a loss of about 15 percent in industrial production over a 30-day period following their implementation. Using novel data on fiscal and monetary policy measures used in response to the crisis, we find that these policy measures were effective in mitigating some of these economic costs. We also find that while workplace closures and stay-at-home orders are more effective in curbing infections, they are associated with the largest economic costs. Finally, while easing of containment measures has led to a pickup in economic activity, the effect has been lower (in absolute value) than that from the tightening of measures.