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Adapting to the COVID-19 Pandemic

Author

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  • Michael Droste
  • James H. Stock

Abstract

From early in the COVID-19 pandemic, economists have stressed the importance of individuals endogenously changing their behavior to reduce their risk of infection. This paper quantifies time variation in the endogenous behavioral response of economic activity to the prevalence of the virus using an estimated behavioral SIR model with time-varying parameters. We find significant variation in both the relationship between economic activity and viral prevalence and the relationship between transmissibility and economic activity. This variation reflects adaptation to the pandemic and has implications both for specification of behavioral SIR models and for the next stage of the pandemic.

Suggested Citation

  • Michael Droste & James H. Stock, 2021. "Adapting to the COVID-19 Pandemic," AEA Papers and Proceedings, American Economic Association, vol. 111, pages 351-355, May.
    • Handle: RePEc:aea:apandp:v:111:y:2021:p:351-55
    DOI: 10.1257/pandp.20211063
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    Citations

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    Cited by:

    1. Cerqueti, Roy & Tramontana, Fabio & Ventura, Marco, 2022. "The complex interplay between COVID-19 and economic activity," Mathematical Social Sciences, Elsevier, vol. 119(C), pages 97-107.
    2. Maria-Magdalena Roșu & Rodica Ianole-Călin & Raluca Dinescu & Anca Bratu & Răzvan-Mihail Papuc & Anastasia Cosma, 2021. "Understanding Consumer Stockpiling during the COVID-19 Outbreak through the Theory of Planned Behavior," Mathematics, MDPI, vol. 9(16), pages 1-15, August.
    3. Christopher Avery, 2021. "A Simple Model of Social Distancing and Vaccination," NBER Working Papers 29463, National Bureau of Economic Research, Inc.
    4. Gabriela PRELIPCEAN & Carmen BOGHEAN & Mariana LUPAN, 2021. "The Impact Of The Covid-19 On Entrepreneurship In The North East Region - Resilient Growth Solutions," EURINT, Centre for European Studies, Alexandru Ioan Cuza University, vol. 8, pages 150-164, July.
    5. Yinon Bar-On & Tatiana Baron & Ofer Cornfeld & Eran Yashiv, 2023. "When to Lock, Not Whom: Managing Epidemics Using Time-Based Restrictions," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 292-321, December.

    More about this item

    JEL classification:

    • I12 - Health, Education, and Welfare - - Health - - - Health Behavior
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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