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No country for young people: intergenerational burdens of Covid-19 policy responses

Author

Listed:
  • Giuseppe Ciccarone

    (Sapienza University of Rome)

  • Francesco Giuli
  • Enrico Marchetti

    (University of Naples Parthenope)

  • Gabriele Maugeri

Abstract

This study examines intergenerational welfare e¤ects of COVID-19 policy responses, focusing on containment measures, …scal expansions, and debt repayment schemes. Using a life-cycle model, we …nd: (i) without containment, welfare losses fall mainly on older agents via demographics; (ii) lockdowns shift burdens toward younger cohorts; (iii) debt-…nanced …scal expansions have modest e¤ects compared to social distancing; and (iv) debt repayment strategies are decisive—front-loaded repayment penalizes the young, while postponed repayment favors the old. These results highlight critical tradeo¤ s for equity and policy design in managing future large-scale crises.

Suggested Citation

  • Giuseppe Ciccarone & Francesco Giuli & Enrico Marchetti & Gabriele Maugeri, 2025. "No country for young people: intergenerational burdens of Covid-19 policy responses," Departmental Working Papers of Economics - University 'Roma Tre' 0288, Department of Economics - University Roma Tre.
    • Handle: RePEc:rtr:wpaper:0288
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    References listed on IDEAS

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    Keywords

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    JEL classification:

    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
    • H51 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Health

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