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Panem et circenses: on the macroeconomics of the pandemic

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  • Francisco Eduardo Pires de Souza

Abstract

This paper is about the consequences of pandemics on the macroeconomic behavior, with an empirical analysis of such effects on the Brazilian economy. Two features of the macroeconomic of pandemics are highlighted: the emergence of a dual economy, in which we have the coexistence of a sector where consumption and production are impaired by public health policies, side by side with a full employment sector; and a large redistribution of income between the public and the private sectors. Regarding the latter, we found that the redistribution had strong effects on the flows of savings in the Brazilian economy, and consequently on the stocks of net wealth: there was a sharp rise in public debt and an increase in private net wealth of 12% of GDP. JEL Classification: E01; E21; E25; H51.

Suggested Citation

  • Francisco Eduardo Pires de Souza, 2021. "Panem et circenses: on the macroeconomics of the pandemic," Brazilian Journal of Political Economy, Center of Political Economy, vol. 41(2), pages 236-253.
    • Handle: RePEc:ekm:repojs:v:41:y:2021:i:2:p:236-253:id:2150
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/2150/2202
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    More about this item

    Keywords

    Pandemics macroeconomics; macroeconomic effects of COVID-19 in Brazil; public debt and private savings in pandemics;
    All these keywords.

    JEL classification:

    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
    • H51 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Health

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