This week's European Economic Experts Panel statements:
A) Offering substantially higher prices per dose would have resulted in larger capacity investments by vaccine makers and accelerated distribution in Europe significantly.
B) In the current situation, paying for more production capacity would be better than offering higher prices for vaccines.
C) If the EU started paying prices above 100 euros per dose, it would on net reduce the cost of the pandemic to the EU via more lives saved and shorter lockdowns.
Keyword: lockdowns
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This week's US Economic Experts Panel statements:
A) The US economy would be substantially stronger today if the state and local ‘stay-at-home’ orders had been more uniform and lasted longer in the first half of the year.
B) The economy will receive a substantial boost as soon as K-12 schools can be safely opened in person nationwide.
This week’s IGM Economic Experts Panel statements:
A) Current institutional arrangements mean that small firms will be able to renegotiate with creditors and landlords to avoid bankruptcy during the lockdown.
B) A program that allows small businesses to skip rent and utilities during the lockdown, but repay them slowly over time afterwards, would be a net benefit to the economy.
This week’s IGM Economic Experts Panel statements:
The balance of federal and local government support to address the economic impact of the crisis has thus far been tilted too much towards supporting firms rather than individuals.
Government provision of financial support to firms to keep workers on payroll for the duration of the lockdown will make the recovery faster than if the only recourse for workers to replace income were unemployment insurance.
This week’s IGM Economic Experts Panel statements:
A) Even if tests for Covid-19 are being rationed, there is an urgent need for some random testing to establish baseline levels of the virus to inform any decisions about ending lockdowns.
B) Required elements for an economic ‘restart’ after lockdowns include a massive increase in testing capacity (for infections and antibodies) along with a coherent strategy for preventing new outbreaks and reintroducing low-risk/no-risk individuals into public activities.
This week’s IGM European Economic Experts Panel statements:
A) Severe lockdowns – including closing non-essential businesses and strict limitations on people’s movement – are likely to be better for the economy in the medium term than less aggressive measures.
B) While national governments have responded to the crisis with substantial economic policy measures, a joint euro area fiscal response is still highly desirable.
C) Given the willingness of the European Central Bank to buy sovereign bonds, including Italian bonds, without limits, there is no need for ‘coronabonds’.
This week’s IGM Economic Experts Panel statements:
A) A comprehensive policy response to the coronavirus will involve tolerating a very large contraction in economic activity until the spread of infections has dropped significantly.
B) Abandoning severe lockdowns at a time when the likelihood of a resurgence in infections remains high will lead to greater total economic damage than sustaining the lockdowns to eliminate the resurgence risk.
C) Optimally, the government would invest more than it is currently doing in expanding treatment capacity through steps such as building temporary hospitals, accelerating testing, making more masks and ventilators, and providing financial incentives for the production of a successful vaccine.
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