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Understanding Cross-Country Heterogeneity in Health and Economic Outcomes during the COVID-19 Pandemic: A Revealed-Preference Approach

Author

Listed:
  • Daisuke Fujii

    (University of Tokyo and RIETI)

  • Sohta Kawawaki

    (University of Tokyo)

  • Yuta Maeda

    (University of Tokyo)

  • Masataka Mori

    (Middlebury College)

  • Taisuke Nakata

    (University of Tokyo)

Abstract

There is a large heterogeneity in health and macroeconomic outcomes across countries during the COVID-19 pandemic. We present a novel framework to understand the source of this heterogeneity, combining an estimated macro-epidemiological model and the idea of revealed preference. Our framework allows us to decompose the difference in health and macroeconomic outcomes across countries into two components: preference and constraint. We find that there is a large heterogeneity in both components across countries and that some countries such as Japan or Australia are willing to accept a large output loss to reduce the number of COVID-19 deaths.

Suggested Citation

  • Daisuke Fujii & Sohta Kawawaki & Yuta Maeda & Masataka Mori & Taisuke Nakata, 2022. "Understanding Cross-Country Heterogeneity in Health and Economic Outcomes during the COVID-19 Pandemic: A Revealed-Preference Approach," Working Papers on Central Bank Communication 041, University of Tokyo, Graduate School of Economics.
    • Handle: RePEc:upd:utmpwp:041
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    More about this item

    Keywords

    COVID-19; SIR model; epidemiology; value of a statistical life;
    All these keywords.

    JEL classification:

    • E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation: Models and Applications
    • E70 - Macroeconomics and Monetary Economics - - Macro-Based Behavioral Economics - - - General
    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health

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