Pandemic effects in the Solow growth model
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http://hdl.handle.net/10045/128554
Títol: | Pandemic effects in the Solow growth model |
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Autors: | Carmona-Martínez, Julio | León Valle, Ángel M. |
Grups d'investigació o GITE: | Finanzas de Mercado y Econometría Financiera |
Centre, Departament o Servei: | Universidad de Alicante. Departamento de Fundamentos del Análisis Económico |
Paraules clau: | COVID-19 | SIS | SIR | Solow model |
Data de publicació: | 17-d’octubre-2022 |
Editor: | Trustees of the Bulletin of Economic Research | John Wiley & Sons Ltd. |
Citació bibliogràfica: | Bulletin of Economic Research. 2023, 75(3): 671-687. https://doi.org/10.1111/boer.12376 |
Resum: | We show how diseases can affect economic growth in a Solow growth model, with population growth and no technical progress, but modified to include a saving rate that depends on the individual health status. We successively insert this model into the SIS (susceptible–infected–susceptible) and SIR (susceptible–infected–recovered) models of disease spreading. In these two models, the spread of the infection proceeds according to the so-called basic reproductive number. This number determines in which of the two possible equilibria, the disease-free or the pandemic equilibrium, the economy ends. We show that output per capita is always lower in the pandemic steady state, which implies a contraction in the economy's production possibilities frontier. |
Patrocinadors: | Julio Carmona acknowledges the financial support from the Spanish Ministerio de Economía y Competitividad, through the project ECO2016-77200-P. Ángel León acknowledges the financial support from the Spanish Ministerio de Economía y Competitividad, through grant PID2021-124860NB-I00. |
URI: | http://hdl.handle.net/10045/128554 |
ISSN: | 0307-3378 (Print) | 1467-8586 (Online) |
DOI: | 10.1111/boer.12376 |
Idioma: | eng |
Tipus: | info:eu-repo/semantics/article |
Drets: | © 2022 The Authors. Bulletin of Economic Research published by Trustees of the Bulletin of Economic Research and JohnWiley & Sons Ltd. This is an open access article under the terms of the Creative Commons Attribution-NonCommercial-NoDerivs License, which permits use and distribution in any medium, provided the original work is properly cited, the use is non-commercial and no modifications or adaptations are made. |
Revisió científica: | si |
Versió de l'editor: | https://doi.org/10.1111/boer.12376 |
Apareix a la col·lecció: | INV - Finanzas de Mercado y Econometría Financiera - Artículos de Revistas |
Arxius per aquest ítem:
Arxiu | Descripció | Tamany | Format | |
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Carmona_Leon_2023_BullEconRes.pdf | 1,15 MB | Adobe PDF | Obrir Vista prèvia | |
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