{"id":8601,"date":"2020-07-09T08:38:37","date_gmt":"2020-07-09T07:38:37","guid":{"rendered":"http:\/\/www.economicsobservatory.com\/ongoing-research\/the-trade-offs-between-economy-and-health-an-assessment-of-covid-19-policies-in-japan"},"modified":"2020-07-09T08:38:37","modified_gmt":"2020-07-09T07:38:37","slug":"the-trade-offs-between-economy-and-health-an-assessment-of-covid-19-policies-in-japan","status":"publish","type":"ongoing-research","link":"https:\/\/www.economicsobservatory.com\/test\/ongoing-research\/the-trade-offs-between-economy-and-health-an-assessment-of-covid-19-policies-in-japan","title":{"rendered":"The trade-offs between economy and health: an assessment of Covid-19 policies in Japan"},"content":{"rendered":"

The goal of this project is to assess the macroeconomic consequence of Japanese economic and health policies in the ongoing Covid-19 pandemic. Based on Eichenbaum-Rebelo Trabandt (2020)'s pandemic macro model, we (i) distinguish tested\/non-tested patients, (ii) consider people's perception bias about the actual and observed number of Covid-19 infection, and (iii) incorporate new channels of infection between workers and consumers. The model parameters are carefully calibrated by patient-level infection data in Novel Coronavirus 2019 Dataset, Japanese social contacts survey in epidemiological research, and Japanese time-use data. On top of that, we forecast the economic and health outcomes and evaluate economic welfares of the current policies such as voluntary quarantine of 80% activities, expansion of Covid-19 testing availability, and compensation for business closures. We also solve the welfare-maximizing policy problem among a broader set of alternative policy instruments. Our finding suggests the importance of providing more accurate information of the Covid-19 spreads by an expansion of testing.<\/p>\n

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