RESUMEN
Governments worldwide have issued massive amounts of debt to inject fiscal stimulus during the COVID-19 pandemic. This paper analyzes fiscal responses to an epidemic, in which interactions at work increase the risk of disease and mortality. Fiscal policies, which are designed to borrow against the future and provide transfers to individuals suffering economic hardship, can facilitate consumption smoothing while reduce hours worked and hence mitigate infections. We examine the optimal fiscal policy and characterize the condition under which fiscal policy improves social welfare. We then extend the model analyzing the static and dynamic pecuniary externalities under scale economies-the decrease in labor supply during the epidemic lowers the contemporaneous average wage rate while enhances the post-epidemic workforce health and productivity. We suggest that fiscal policy may not work effectively unless the government coordinates working time, and the optimal size of public debt is affected by production technology and disease severity and transmissibility.
Asunto(s)
COVID-19/economía , COVID-19/epidemiología , Política Fiscal , Pandemias/economía , Bienestar Social/economía , COVID-19/prevención & control , Eficiencia , Humanos , Pandemias/prevención & control , Pobreza , Salarios y Beneficios , Factores de Tiempo , Flujo de Trabajo , Recursos Humanos/economía , Carga de Trabajo/economíaRESUMEN
The emergence of COVID-19 in December 2019 has highlighted several lessons about Public health emergencies. One important lesson is on the role of social welfare benefits and protection in the overall management of public health emergencies. The absence of a functional and digitalized social welfare system in Africa may render ineffective public health measures to mitigate the spread of COVID-19. The social determinant of disease illustrates the nexus between poverty and health outcomes. Therefore, COVID-19 is an opportunity for African governments to rethink their stance on social welfare benefits and protection; and adopt mechanisms that protect the most vulnerable.
Asunto(s)
COVID-19/prevención & control , Pobreza , Salud Pública , Bienestar Social/economía , África , COVID-19/economía , Humanos , Determinantes Sociales de la Salud , Poblaciones VulnerablesAsunto(s)
COVID-19/epidemiología , Disparidades en Atención de Salud/economía , Renta , Pandemias/prevención & control , Bienestar Social/economía , COVID-19/economía , COVID-19/virología , Salud Global/economía , Humanos , Pandemias/economía , Pobreza/economía , Pobreza/prevención & control , Ensayos Clínicos Controlados Aleatorios como Asunto , SARS-CoV-2RESUMEN
Driven by a mission of justice, Manhattan Plaza and Penn South create beloved communities that care for people at all stages of life.