What Could Happen if We Keep Washing Our Hands?

Tom Barkin

Speech from Federal Reserve Bank of Richmond

Abstract: The pandemic has changed us. It reminded us how precious time with family and work-life balance are. It threatened baby boomers’ health while expanding their 401k plans, perhaps driving the recent surge in retirements. It even allowed us to discover hidden talents, like baking or gardening, increasing the value we place in our leisure time. Many of these shifts could dampen future workforce participation and productivity. But one change, if it persists, could be a force in the opposite direction — a productivity booster. We saw a dramatic reduction in flu incidence. Flu season comes every winter. While we never know how severe it will be, we know it will be disruptive. But we’ve never seen the pendulum swing this far before. This winter, we basically bypassed the entire flu season. The Centers for Disease Control and Prevention (CDC) estimates we had 38 million flu cases the winter before the pandemic. But reported flu incidence was so low this season that the CDC hasn’t even published estimates.

Keywords: production; and; investment (search for similar items in EconPapers)
Date: 2021-06-22
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