Health versus wealth: On the distributional effects of controlling a pandemic
研究了为减缓新冠病毒传播而关闭经济对不同年龄和行业人群的分配效应，发现老年人受益最大，而年轻工人损失最大，并分析了最优封锁政策与税收、政府债务及疫苗可得性的关系。
To slow the COVID-19 virus, many countries shut down parts of the economy. Older individuals have the most to gain from slowing virus diffusion. Younger workers in shuttered sectors have most to lose. We build a model in which economic activity and disease progression are jointly determined. Individuals differ by age, sector and health status. Disease transmission occurs at work, at home, through consumption, and in hospitals. Optimal economic shutdowns in 2020 are milder when taxes are distortionary, and when the government does not have access to debt. A harder, shorter shutdown is preferred when vaccines become available in early 2021.