1 option
Longer-run Economic Consequences of Pandemics / Òscar Jordà, Sanjay R. Singh, Alan M. Taylor.
- Format:
- Book
- Author/Creator:
- Jordà, Òscar.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w26934.
- NBER working paper series no. w26934
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2020.
- Summary:
- What are the medium- to long-term effects of pandemics? How do they differ from other economic disasters? We study major pandemics using the rates of return on assets stretching back to the 14th century. Significant macroeconomic after-effects of pandemics persist for about decades, with real rates of return substantially depressed, in stark contrast to what happens after wars. Our findings are consistent with the neoclassical growth model: capital is destroyed in wars, but not in pandemics; pandemics instead may induce relative labor scarcity and/or a shift to greater precautionary savings.
- Notes:
- Print version record
- April 2020.
The Penn Libraries is committed to describing library materials using current, accurate, and responsible language. If you discover outdated or inaccurate language, please fill out this feedback form to report it and suggest alternative language.