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• W3147966463 abstract "We quantify the macroeconomic effects of COVID-19 for a small open economy. We use a two country framework combined with a sectoral-SIR model to estimate the effects of collapses in foreign demand and supply. The small open economy suffers from domestic demand and supply shocks due to its own pandemic. In addition, there are external shocks coming from rest of the world (country two). Aggregate exports of the small open economy go down when foreign demand goes down, and aggregate imports suffer from lockdowns in the rest of the world. We calibrate the model to Turkey. Our results show that the optimal policy, which yields the lowest output loss and saves the maximum number of lives, for the small open economy, is an early and globally coordinated full lockdown of 39 days." @default.
• W3147966463 created "2021-04-13" @default.
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• W3147966463 date "2023-10-01" @default.
• W3147966463 modified "2023-10-15" @default.
• W3147966463 title "COVID-19 and emerging markets: A SIR model, demand shocks and capital flows" @default.
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• W3147966463 doi "https://doi.org/10.1016/j.jinteco.2023.103825" @default.
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