No country for young people: intergenerational burdens of Covid-19 policy responses

Giuseppe Ciccarone (), Francesco Giuli, Enrico Marchetti () and Gabriele Maugeri
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Giuseppe Ciccarone: Sapienza University of Rome
Enrico Marchetti: University of Naples Parthenope

No 288, Departmental Working Papers of Economics - University 'Roma Tre' from Department of Economics - University Roma Tre

Abstract: This study examines intergenerational welfare e¤ects of COVID-19 policy responses, focusing on containment measures, …scal expansions, and debt repayment schemes. Using a life-cycle model, we …nd: (i) without containment, welfare losses fall mainly on older agents via demographics; (ii) lockdowns shift burdens toward younger cohorts; (iii) debt-…nanced …scal expansions have modest e¤ects compared to social distancing; and (iv) debt repayment strategies are decisive—front-loaded repayment penalizes the young, while postponed repayment favors the old. These results highlight critical tradeo¤ s for equity and policy design in managing future large-scale crises.

Keywords: COVID-19 epidemic; generational e¤ects; intergenerational welfare; containment policies; fiscal policy (search for similar items in EconPapers)
JEL-codes: E13 H51 I18 (search for similar items in EconPapers)
Pages: 36
Date: 2025-10
New Economics Papers: this item is included in nep-dge
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