{
  "title": "Information and Inequality in the Time of a Pandemic",
  "publication": "IMF Working Papers, September 11, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2020/09/11/information-and-inequality-in-the-time-of-a-pandemic-49711",
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  "summary": "We introduce two types of agent heterogeneity in a calibrated epidemiological search model. First, some agents cannot afford staying home to minimize their virus exposure, while others can. Our results show that these poor agents bear most of the epidemic’s health costs.",
  "sections": [
    {
      "heading": "Model setup and heterogeneity",
      "content": "- Calibrated epidemiological search model introducing two forms of agent heterogeneity:\n  - Income/ability-to-isolate heterogeneity: some agents cannot afford staying home to minimize virus exposure (poor agents), while others can (unconstrained agents).\n  - Symptom-development heterogeneity: agents differ in developing symptoms (share of asymptomatic cases)."
    },
    {
      "heading": "Key findings — health and economic outcomes",
      "content": "- Distributional health burden:\n  - Poor agents bear most of the epidemic’s health costs.\n- Macro and labor effects:\n  - Having more agents who do not change their behavior during the pandemic could lead to a deeper recession.\n  - Diseases with higher share of asymptomatic cases, even if less lethal, lead to worse health and economic outcomes.\n- Interaction of behavioral response and policy effectiveness:\n  - Lockdowns lose effectiveness when part of the agents take precautions to minimize virus exposure independent of government actions."
    },
    {
      "heading": "Policy implications and effectiveness",
      "content": "- Policies found to be particularly beneficial in economies with larger share of poor agents:\n  - Testing\n  - Quarantining\n  - Lockdowns\n- Caveat on lockdowns:\n  - The effectiveness of lockdowns is diminished when a portion of agents already take private precautions that reduce exposure independent of government actions.\n\n---\n\n Content in this bundle\n\n- Working Paper\n  - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2020/09/11/information-and-inequality-in-the-time-of-a-pandemic-49711"
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    "Authors: Allan Dizioli, Roberto Pinheiro",
    "Published: September 11, 2020",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781513556307.001",
    "Calibrated epidemiological search model introducing two forms of agent heterogeneity:",
    "Distributional health burden:",
    "Macro and labor effects:",
    "Interaction of behavioral response and policy effectiveness:",
    "Policies found to be particularly beneficial in economies with larger share of poor agents:",
    "Caveat on lockdowns:",
    "**Working Paper**"
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