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Understanding Cross-Country Heterogeneity in Health and Economic Outcomes during the COVID-19 Pandemic: A Revealed-Preference Approach

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Listed:
  • Taisuke Nakata
  • Daisuke Fujii
  • Sohta Kawawaki
  • Yuta Maeda
  • Masataka Mori

Abstract

There is a large heterogeneity in health and macroeconomic outcomes across countries during the COVID-19 pandemic. We present a novel framework to understand the source of this heterogeneity, combining an estimated macro-epidemiological model and the idea of revealed preference. Our framework allows us to decompose the difference in health and macroeconomic outcomes across countries into two components: preference and constraint. We find that there is a large heterogeneity in both components across countries and that some countries such as Japan or Australia are willing to accept a large output loss to reduce the number of COVID-19 deaths.

Suggested Citation

  • Taisuke Nakata & Daisuke Fujii & Sohta Kawawaki & Yuta Maeda & Masataka Mori, 2023. "Understanding Cross-Country Heterogeneity in Health and Economic Outcomes during the COVID-19 Pandemic: A Revealed-Preference Approach," Working Papers e195, Tokyo Center for Economic Research.
    • Handle: RePEc:tcr:wpaper:e195
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    Cited by:

    1. Beppu, Shotaro & Fujii, Daisuke & Kubota, Hiroyuki & Machi, Kohei & Maeda, Yuta & Nakata, Taisuke & Shibuya, Haruki, 2023. "Cross-regional heterogeneity in health and economic outcomes during the COVID-19 pandemic: An analysis of Japan," Journal of the Japanese and International Economies, Elsevier, vol. 70(C).

    More about this item

    JEL classification:

    • E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation: Models and Applications
    • E70 - Macroeconomics and Monetary Economics - - Macro-Based Behavioral Economics - - - General
    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health

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