The economics of vaccination

Andrew Nelson and Sven Bjornsson

Journal of Economics and Econometrics, 2020, vol. 63, issue 2, 66-89

Abstract: We study the global costs and benefits of vaccine development, production and trade. We use a macroeconomic-epidemiological framework that combines a SIR model with a New Keynesian DSGE model with international trade networks. We calibrate the model to global vaccine production, distribution, trade and consumption data. Model-based simulations suggest that despite high R&D costs in the initial period, the global vaccinations costs are considerably lower than the global economic costs of the pandemic without vaccinations.

Keywords: F0; F15; F16; F2 (search for similar items in EconPapers)
Date: 2020
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