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The economics of vaccination

Author

Listed:
  • Andrew Nelson
  • Sven Bjornsson

Abstract

We study the global costs and benefits of vaccine development, production and trade. We use a macroeconomic-epidemiological framework that combines a SIR model with a New Keynesian DSGE model with international trade networks. We calibrate the model to global vaccine production, distribution, trade and consumption data. Model-based simulations suggest that despite high R&D costs in the initial period, the global vaccinations costs are considerably lower than the global economic costs of the pandemic without vaccinations.

Suggested Citation

  • Andrew Nelson & Sven Bjornsson, 2020. "The economics of vaccination," Journal of Economics and Econometrics, Economics and Econometrics Society, vol. 63(2), pages 66-89.
    • Handle: RePEc:eei:journl:v:63:y:2020:i:2:p:66-89
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    Citations

    RePEc Biblio mentions

    As found on the RePEc Biblio, the curated bibliography for Economics:
    1. > Economics of Welfare > Health Economics > Economics of Pandemics > Policy responses > Vaccination

    More about this item

    Keywords

    F0; F15; F16; F2;
    All these keywords.

    JEL classification:

    • F0 - International Economics - - General
    • F15 - International Economics - - Trade - - - Economic Integration
    • F16 - International Economics - - Trade - - - Trade and Labor Market Interactions
    • F2 - International Economics - - International Factor Movements and International Business

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