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The Economics of Lockdown

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  • Timothy Besley
  • Nicholas Stern

Abstract

In this paper, we suggest an approach to analysing policies relating to the COVID‐19 pandemic. We discuss the formulation of policy and sketch how the approach can be applied to different specific challenges as policymakers try to make difficult choices for managing the pandemic and protecting the economy and society.

Suggested Citation

  • Timothy Besley & Nicholas Stern, 2020. "The Economics of Lockdown," Fiscal Studies, John Wiley & Sons, vol. 41(3), pages 493-513, September.
    • Handle: RePEc:wly:fistud:v:41:y:2020:i:3:p:493-513
    DOI: 10.1111/1475-5890.12246
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    1. Surico, Paolo & Känzig, Diego & Hacıoğlu Hoke, Sinem, 2020. "Consumption in the time of Covid-19: Evidence from UK transaction data," CEPR Discussion Papers 14733, Centre for Economic Policy Research.
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    10. Layard, Richard & Clark, Andrew E. & De Neve, Jan-Emmanuel & Krekel, Christian & Fancourt, Daisy & Hey, Nancy & O'Donnell, Gus, 2020. "When to release the lockdown: a wellbeing framework for analysing costs and benefits," LSE Research Online Documents on Economics 104276, London School of Economics and Political Science, LSE Library.
    11. Daron Acemoglu & Victor Chernozhukov & Ivàn Werning & Michael D. Whinston, 2020. "A Multi-Risk SIR Model with Optimally Targeted Lockdown," CeMMAP working papers CWP14/20, Centre for Microdata Methods and Practice, Institute for Fiscal Studies.
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    14. Till von Wachter, 2020. "Lost Generations: Long‐Term Effects of the COVID‐19 Crisis on Job Losers and Labour Market Entrants, and Options for Policy," Fiscal Studies, John Wiley & Sons, vol. 41(3), pages 549-590, September.
    15. Atkinson, Anthony B., 1970. "On the measurement of inequality," Journal of Economic Theory, Elsevier, vol. 2(3), pages 244-263, September.
    16. Layard, Richard & Clark, Andrew E. & De Neve, Jan-Emmanuel & Krekel, Christian & Fancourt, Daisy & Hey, Nancy & O'Donnell, Gus, 2020. "When to release the lockdown: a wellbeing framework for analysing costs and benefits," LSE Research Online Documents on Economics 104276, London School of Economics and Political Science, LSE Library.
    17. Michaela Benzeval & Jon Burton & Thomas Crossley & Paul Fisher & Annette Jäckle & Hamish Low & Brendan Read, 2020. "The idiosyncratic impact of an aggregate shock: the distributional consequences of COVID-19," IFS Working Papers W20/15, Institute for Fiscal Studies.
    18. Jeffrey Ely & Andrea Galeotti & Jakub Steiner, 2021. "Rotation as Contagion Mitigation," Management Science, INFORMS, vol. 67(5), pages 3117-3126, May.
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    Cited by:

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    3. Petruta Ionela Stanca & Tudor Tarbujaru, 2021. "The Challenges and Importance of Virtual Teams During the COVID-19 Pandemic," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 893-899, December.
    4. Gus O'Donnell & Harry Begg, 2020. "Far from Well: The UK since COVID‐19, and Learning to Follow the Science(s)," Fiscal Studies, John Wiley & Sons, vol. 41(4), pages 761-804, December.
    5. Stankov, Petar, 2024. "Will voters polarize over pandemic restrictions? Theory and evidence from COVID-19," Economic Modelling, Elsevier, vol. 136(C).
    6. Utomo, Raden Priyo & Kuleh, Yohanes & Darma, Dio Caisar, 2023. "Conventional vs modern: which approach is better for the success of agricultural cooperatives?," Agricultural and Resource Economics: International Scientific E-Journal, Agricultural and Resource Economics: International Scientific E-Journal, vol. 9(4), December.
    7. Manko Barbara A., 2021. "Considerations in the Use of Work-From-Home (WFH) for Post-Pandemic Planning and Management," Management, Sciendo, vol. 25(1), pages 118-140, January.
    8. Sinha, Shreya & Narain, Nivedita & Bhanjdeo, Arundhita, 2022. "Building back better? Resilience as wellbeing for rural migrant households in Bihar, India," World Development, Elsevier, vol. 159(C).
    9. Kirti Sharma & Sachin Dev, 2024. "COVID-19: To the Rescue, the Self-Employed," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 10(2), pages 195-205, July.
    10. Ilia Murtazashvili & Yang Zhou, 2024. "Complex externalities, pandemics, and public choice," Public Choice, Springer, vol. 201(3), pages 607-622, December.

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    More about this item

    JEL classification:

    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • H10 - Public Economics - - Structure and Scope of Government - - - General
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General

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