Badi H. Baltagi, Francesco Moscone, Elisa Tosetti (2022)
The conomics of COVIS-19. Available at emerald.com.
Preface
Quoting from the UN’s Framework for the Immediate Socio-Economic Response to the COVID 19 Crisis: ‘The COVID-19 pandemic is far more than a health crisis: it is affecting societies and economies at their core. […] Development trajectories in the long-term will be affected by the choices countries make now and the support they receive’. The global health crisis, exacerbated by the COVID-19 outbreak, has challenged all sectors of society, including health, economics, finance and social inequality. The threats and complexities from the COVID-19 pandemic shock are the subject of this book. Obviously, one cannot cover all economic and health aspects of this pandemic in one book. A lot of research is carried out globally on the effects of this virus. Enclosed are selected contributions of the effects of this pandemic covering macroeconomics, computable general equilibrium models, financial markets, the reduction in seismic noise due to the slowdown in traffic and economic activities caused by the spread of the virus, and the rapid surge in the digital transformation of production and consumption. Also included are health studies proposing to improve the traditional epidemic models, the effects of the pandemic on mental health, as well as on Minority Ethnic Groups (MEG) in the UK. The book concludes with a study that discusses the challenges and the limitations faced during the COVID-19 pandemic by the Lombardy region in Italy which was a hot spot for the virus.
Billio, Casarin and Corradin study the effects of the COVID-19 pandemic on a number of macroeconomic variables for the US and the EU, using a factor model. The authors extract a set of instability measures and perform a macroeconomic scenario analysis to better understand the factors associated with economic instability.
Roson and Van der Vorst survey the recent and rapidly expanding literature that analyses the economic impacts of the COVID-19 pandemic by means of Computable General Equilibrium models. They review recent contributions in this field, specifically looking at advantages and disadvantages of the proposed technique within the COVID context.
Massacci discusses several methodological challenges that could arise when analysing data on financial markets in periods of high economic and financial turbulence, such as the COVID-19 pandemic. The author discusses the high nonlinearity in asset returns and proposes possible approaches to properly account for such nonlinearity.
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