Teaching the COVID-19 Lockdown Using the Keynesian Cross

Autor/in	Sniekers, Florian
Titel	Teaching the COVID-19 Lockdown Using the Keynesian Cross
Quelle	In: Journal of Economic Education, 54 (2023) 1, S.38-59 (22 Seiten)Infoseite zur Zeitschrift PDF als Volltext Verfügbarkeit
Zusatzinformation	ORCID (Sniekers, Florian)
Sprache	englisch
Dokumenttyp	gedruckt; online; Zeitschriftenaufsatz
ISSN	0022-0485
DOI	10.1080/00220485.2022.2144570
Schlagwörter	COVID-19; Pandemics; Economic Impact; Macroeconomics; Relevance (Education); Public Policy; Expenditures; Supply and Demand; Income + Suchen Sie Ihr Suchwort? Ökonomische Determinanten; Makroökonomie; Relevance; Relevanz; Öffentliche Ordnung; Ausgaben; Bedarfsplanung; Einkommen
Abstract	I present a framework to teach the macroeconomic effects of COVID-19 using the Keynesian Cross. I show that the rest of the economy suffers from a decline in demand once one sector of the economy is shut down and that the government spending and tax multipliers are smaller than usual. Fully insuring workers in the sector that is shut down cannot prevent a recession, but for the same aggregate transfers, such targeted income transfers do more to restore aggregate output than unconditional transfers. An extension to the curve shows that a lockdown results in deflation. These insights can be taught in an introductory or intermediate macroeconomics course. (As Provided).
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Erfasst von	ERIC (Education Resources Information Center), Washington, DC
Update	2024/1/01