The effects of COVID-19 vaccines on economic activity
Abstract This paper empirically examines the economic effects of COVID-19 vaccine rollouts using a cross-country daily database of vaccinations and high-frequency indicators of economic activity—nitrogen dioxide (NO2) emissions, carbon monoxide (CO) emissions, and Google mobility indices—for a sampl...
| Main Authors: | , , , , , |
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| Format: | Article |
| Language: | English |
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SpringerOpen
2022-01-01
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| Series: | Swiss Journal of Economics and Statistics |
| Subjects: | |
| Online Access: | https://doi.org/10.1186/s41937-021-00082-0 |
| _version_ | 1818752781463322624 |
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| author | Pragyan Deb Davide Furceri Daniel Jimenez Siddharth Kothari Jonathan D. Ostry Nour Tawk |
| author_facet | Pragyan Deb Davide Furceri Daniel Jimenez Siddharth Kothari Jonathan D. Ostry Nour Tawk |
| author_sort | Pragyan Deb |
| collection | DOAJ |
| description | Abstract This paper empirically examines the economic effects of COVID-19 vaccine rollouts using a cross-country daily database of vaccinations and high-frequency indicators of economic activity—nitrogen dioxide (NO2) emissions, carbon monoxide (CO) emissions, and Google mobility indices—for a sample of 46 countries over the period December 16, 2020 to June 20, 2021. Using surprises in vaccines administered, we find that an unexpected increase in vaccination per capita is associated with a significant increase in economic activity. We also find evidence for nonlinear effects of vaccines, with the marginal economic benefits being larger when vaccination rates are higher. Country-specific conditions play an important role, with lower economic gains if strict containment measures are in place or if the country is experiencing a severe outbreak. Finally, the results provide evidence of spillovers across borders, highlighting the importance of equitable access to vaccines across nations. |
| first_indexed | 2024-12-18T04:56:55Z |
| format | Article |
| id | doaj.art-c744ad6651354844b4978e2782248f1e |
| institution | Directory Open Access Journal |
| issn | 2235-6282 |
| language | English |
| last_indexed | 2024-12-18T04:56:55Z |
| publishDate | 2022-01-01 |
| publisher | SpringerOpen |
| record_format | Article |
| series | Swiss Journal of Economics and Statistics |
| spelling | doaj.art-c744ad6651354844b4978e2782248f1e2022-12-21T21:20:14ZengSpringerOpenSwiss Journal of Economics and Statistics2235-62822022-01-01158112510.1186/s41937-021-00082-0The effects of COVID-19 vaccines on economic activityPragyan Deb0Davide Furceri1Daniel Jimenez2Siddharth Kothari3Jonathan D. Ostry4Nour Tawk5International Monetary FundInternational Monetary FundInternational Monetary FundInternational Monetary FundInternational Monetary FundInternational Monetary FundAbstract This paper empirically examines the economic effects of COVID-19 vaccine rollouts using a cross-country daily database of vaccinations and high-frequency indicators of economic activity—nitrogen dioxide (NO2) emissions, carbon monoxide (CO) emissions, and Google mobility indices—for a sample of 46 countries over the period December 16, 2020 to June 20, 2021. Using surprises in vaccines administered, we find that an unexpected increase in vaccination per capita is associated with a significant increase in economic activity. We also find evidence for nonlinear effects of vaccines, with the marginal economic benefits being larger when vaccination rates are higher. Country-specific conditions play an important role, with lower economic gains if strict containment measures are in place or if the country is experiencing a severe outbreak. Finally, the results provide evidence of spillovers across borders, highlighting the importance of equitable access to vaccines across nations.https://doi.org/10.1186/s41937-021-00082-0COVID-19PandemicsVaccinationsContainment measures |
| spellingShingle | Pragyan Deb Davide Furceri Daniel Jimenez Siddharth Kothari Jonathan D. Ostry Nour Tawk The effects of COVID-19 vaccines on economic activity Swiss Journal of Economics and Statistics COVID-19 Pandemics Vaccinations Containment measures |
| title | The effects of COVID-19 vaccines on economic activity |
| title_full | The effects of COVID-19 vaccines on economic activity |
| title_fullStr | The effects of COVID-19 vaccines on economic activity |
| title_full_unstemmed | The effects of COVID-19 vaccines on economic activity |
| title_short | The effects of COVID-19 vaccines on economic activity |
| title_sort | effects of covid 19 vaccines on economic activity |
| topic | COVID-19 Pandemics Vaccinations Containment measures |
| url | https://doi.org/10.1186/s41937-021-00082-0 |
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