COVID-19 Vaccines: A Shot in the Arm for the Economy
We quantify the effect of vaccinations on economic activity in the United States using weekly county-level data covering the period end-2020 to mid-2021.Causal effects are identified through instrumenting vaccination rates with county-level pharmacy density interacted with state-level vaccine alloca...
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| Veröffentlicht in: | IMF economic review 2023-03, Vol.71 (1), p.148-169 |
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| description | We quantify the effect of vaccinations on economic activity in the United States using weekly county-level data covering the period end-2020 to mid-2021.Causal effects are identified through instrumenting vaccination rates with county-level pharmacy density interacted with state-level vaccine allocations, and by including county and state-time fixed effects to control for unobserved factors. We find that vaccinations are a significant and substantial shot in the arm of the economy. Specifically, spending rises by 1.3 percentage points (relative to the average spending during January 2020) in response to a 1% point increase in initiated vaccination rates. Initial unemployment decreases by 0.09 percentage points of the 2019 labor force. Vaccinations also increase workplace mobility. Urban counties and counties with initially worse socioeconomic conditions and lower education levels exhibit larger effects of vaccinations. |
| doi_str_mv | 10.1057/s41308-022-00184-6 |
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We find that vaccinations are a significant and substantial shot in the arm of the economy. Specifically, spending rises by 1.3 percentage points (relative to the average spending during January 2020) in response to a 1% point increase in initiated vaccination rates. Initial unemployment decreases by 0.09 percentage points of the 2019 labor force. Vaccinations also increase workplace mobility. 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(Springer)</rights><rights>International Monetary Fund 2022, Springer Nature or its licensor holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law.</rights><lds50>peer_reviewed</lds50><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c574t-5d35ea5e6ff8b92fb79c60d322ec58d7d5ff19056015fdf758eec897a5077cff3</citedby><cites>FETCH-LOGICAL-c574t-5d35ea5e6ff8b92fb79c60d322ec58d7d5ff19056015fdf758eec897a5077cff3</cites><orcidid>0000-0001-5523-7871</orcidid></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://link.springer.com/content/pdf/10.1057/s41308-022-00184-6$$EPDF$$P50$$Gspringer$$H</linktopdf><linktohtml>$$Uhttps://link.springer.com/10.1057/s41308-022-00184-6$$EHTML$$P50$$Gspringer$$H</linktohtml><link.rule.ids>230,314,776,780,881,27843,27901,27902,41464,42533,51294</link.rule.ids></links><search><creatorcontrib>Hansen, Niels-Jakob H.</creatorcontrib><creatorcontrib>Mano, Rui C.</creatorcontrib><title>COVID-19 Vaccines: A Shot in the Arm for the Economy</title><title>IMF economic review</title><addtitle>IMF Econ Rev</addtitle><description>We quantify the effect of vaccinations on economic activity in the United States using weekly county-level data covering the period end-2020 to mid-2021.Causal effects are identified through instrumenting vaccination rates with county-level pharmacy density interacted with state-level vaccine allocations, and by including county and state-time fixed effects to control for unobserved factors. 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| subjects | Capital Markets Counties COVID-19 COVID-19 vaccines Drugstores Economic activity Economic aspects Economic conditions Economic Policy Economics Economics and Finance Epidemics Expenditures Immunization International Economics Labor force Macroeconomics/Monetary Economics//Financial Economics Occupational mobility Pandemics Pharmacy Rates Research Article Socioeconomic factors Statistics Unemployment United States Vaccination Vaccines Workplaces |
| title | COVID-19 Vaccines: A Shot in the Arm for the Economy |
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