TY  - BOOK
AU  - Boppart,Timo
AU  - Harmenberg,Karl
AU  - Hassler,John
AU  - Krusell,Per
AU  - Olsson,Jonna
ED  - National Bureau of Economic Research.
TI  - Integrated Epi-Econ Assessment
T2  - NBER working paper series
PY  - 2020///
CY  - Cambridge, Mass.
PB  - National Bureau of Economic Research
N1  - December 2020; Hardcopy version available to institutional subscribers
N2  - We formulate an economic time use model and add to it an epidemiological SIR block. In the event of an epidemic, households shift their leisure time from activities with a high degree of social interaction to activities with less, and also choose to work more from home. Our model highlights the different actions taken by young individuals, who are less severely affected by the disease, and by old individuals, who are more vulnerable. We calibrate our model to time use data from ATUS, employment data, epidemiological data, and estimates of the value of a statistical life. There are qualitative as well as quantitative differences between the competitive equilibrium and social planner allocation and, moreover, these depend critically on when a cure arrives. Due to the role played by social activities in people's welfare, simple indicators such as deaths and GDP are insuffcient for judging outcomes in our economy
UR  - https://www.nber.org/papers/w28282
UR  - http://dx.doi.org/10.3386/w28282
ER  -