Using Macroeconomic Frameworks to Analyze the Impact of COVID-19: An Application to Colombia and Cambodia
Technical Notes and Manuals, April 1, 2021
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- Using Macroeconomic Frameworks to Analyze the Impact of COVID-19: An Application to Colombia and Cambodia
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Bibliographic details
- Authors: Aleš Bulíř, Daniel Baksa, Juan S Corrales, Andres Gonzalez, Diego Rodriguez, Dyna Heng
- Published: April 1, 2021
- Series: Technical Notes and Manuals
- DOI: https://doi.org/10.5089/9781513571973.005
Purpose and scope
- Evaluating the full implications from the policies adopted to mitigate the impact of the COVID-19 pandemic on the economy requires a well-developed macroeconomic framework.
- Illustrates how such frameworks were used to analyze Colombia and Cambodia's shock impact at the beginning of the pandemic.
- Emphasizes that macroeconomic frameworks are tools to help policymakers think through and articulate coherent forecasts, scenarios, and policy responses rather than to infer general policy conclusions from abstract models or empirical analysis.
Methodological approach
- Construct a baseline scenario consistent with a COVID-19 shock within structural macroeconomic models.
- Build the scenario gradually to incorporate:
- the available information,
- the pandemic's full effects,
- the policy responses.
- Combine close attention to the data, near-term forecasting, and model-based analyses to support coherent policies.
Country case applications
- Two country cases: Colombia and Cambodia.
- The cases illustrate practical steps to implement the approach and to assess shock impacts and policy responses at the start of the pandemic.
Key findings and lessons
- The results demonstrate the value of combining:
- detailed data monitoring,
- near-term forecasting,
- structural model-based analysis.
- Macroeconomic frameworks help articulate coherent forecasts, scenarios, and policy responses tailored to country-specific conditions.
Metadata and publication note
- Authors: Ales Bulir, Daniel Baksa, Juan S Corrales, Andres Gonzalez, Diego Rodriguez, Dyna Heng
- Date: April 1, 2021
- Series: Technical Notes and Manuals No. 2021/001
- Issue: 001
- Pages: 30
- DOI: https://doi.org/10.5089/9781513571973.005
- ISBN: 9781513571973
- ISSN: 2075-8669
Source: Using Macroeconomic Frameworks to Analyze the Impact of COVID-19: An Application to Colombia and Cambodia (Technical Notes and Manuals, April 1, 2021).
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- Tnmea2021001