Macroeconomic studies on the covid-19 crisis

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  • Kubota So
    School of Political Science & Economics, Waseda University

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  • 新型コロナウイルス危機のマクロ経済分析
  • シンガタ コロナウイルス キキ ノ マクロ ケイザイ ブンセキ

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This paper surveys the rapidly growing literature of macroeconomic models analyzing the COVID-19 pandemic. In particular, I summarize new frameworks integrating the epidemiological （SIR） models and macroeconomics. This survey （i） discusses why the traditional macroeconomic framework fails to capture the pandemic; （ii） provides a concept for policy evaluation called pandemic possibility frontier; （iii） reviews epidemiological models with economic costs; （iv） summarizes the models incorporating individual optimizations and general equilibrium; （v） presents quantitative applications to Japanʼs coronavirus-related state of emergency.

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