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The macroeconomic impact of COVID 19 on occupations

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Resumo:We adopt a pandemic-macroeconomic model to simulate the macroeconomic impact of COVID-19 on various occupations under both laissez-faire and government lockdown scenarios. We integrate a SIR model of virus transmission into a simplified neoclassical model and categorize occupations into two groups based on their ability to work remotely. Subsequently, we assess the shock impact of the pandemic on GDP, consumption, and working hours of flexible and rigid occupations. We find that these three variables declined during the pandemic, yet the consumption varied among individuals with different health status. The labour market experienced a recession, with workers in flexible occupations experiencing a relatively milder impact compared to those in rigid occupations. A larger proportion of remote work mitigated the recessionary effects, although it accentuated the disparities between occupations’ income and working hours. The implementation of lockdown policies detrimentally affects welfare, similar to the pandemic itself, but the impact on flexible and rigid occupations differs from that in a laissez-faire scenario.
Autores principais:Li, Xinru
Assunto:COVID-19 Labour Occupations Lockdowns policy
Ano:2024
País:Portugal
Tipo de documento:artigo
Tipo de acesso:acesso restrito
Instituição associada:Universidade de Lisboa
Idioma:inglês
Origem:Repositório da Universidade de Lisboa

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