The determinants of output losses during the Covid-19 pandemic

Christian Glocker and Philipp Piribauer ()

Economics Letters, 2021, vol. 204, issue C

Abstract: The global recession in the wake of the Covid-19 pandemic was accompanied by a significant degree of heterogeneity in the economic contraction across countries. We use a rich data set and Bayesian model averaging techniques to identify the factors shaping the extent of heterogeneity. The results highlight the importance of adverse initial conditions (large contact-intensive service sector) and behavioural changes (increased voluntary spatial distancing) relative to the extent of public containment measures.

Keywords: Covid-19 pandemic; Output contraction; Cross-country heterogeneity; Bayesian model averaging (search for similar items in EconPapers)
JEL-codes: C11 C21 E32 E60 F01 (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (8)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:204:y:2021:i:c:s0165176521002007

DOI: 10.1016/j.econlet.2021.109923

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