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This is the replication archive. For each model a short model description is shown. On the right handside, there is a download button which automatically downloads all the content for the single model. This includes the paper, a model description, a figure, the code which replicates the paper and a readme of the code.

The entire Epi-MMB replication archive can be downloaded below.

Download Replication Archive

A list of all models including their acronyms, model description and full reference can be downloaded here.

You can unfold the page to get more details for each model. In addition, a longer model description, an important figure of the paper and links to the paper and the code - if available - are shown.

You can also select features which the model must contain to be shown.

There are three classes of epidemic macro models:

Disclaimer: Some of the papers are working papers or work in progress and aim to be published. Until then, the papers, models and codes can change. We try to provide an up-to-date replication archive.


Two-way interaction

Below, we depict all models that include a two-way interaction between the epidemic and the macro economy. Optimal choices of the agents include the state of the epidemic and the influence of their macro decisions on the epidemic, i.e. typically agents reduce consumption and/or labour if the number of infections increases and they know that future infections will increase with their consumption and/or labour today.

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A simple planning problem for Covid-19 Lockdown
Alvarez, Argente and Lippi (2020), American Economic Review: Insights, 3(3), 367-82

The model consists of a SIR model with lockdown. If not in lockdown each person produces a fixed amount of output.

An Economics Model of the COVID-19 Epidemic: The Importance of Testing and Age-Specific Policies
Brotherhood, Kircher, Santos and Tertilt (2021), R&R at The Review of Economic Studies

The model augments a standard SIR epidemiological model with individual choices on work and non-work social distancing for young and old agents.

Business Dynamism, Sectoral Reallocation and Productivity in a Pandemic
Ascari, Colciago and Silvestrini (2021), Working Paper

This model builds an Epidemiological-Industry Dynamic model, featuring a SIR model and a two sector economy with heterogeneous firms.

COVID-19 Misperception and Macroeconomy
Hamano, Katayama and Kubota (2020), WINPEC Working Paper Series No.E2016

The model incorporates misperceptions about the true state of infection into a standard macro model with micro-founded SIR infection dynamics à la Eichenbaum et al. (2020).

Divided we fall: International Health and Trade Cooperation during a Pandemic
Acharya, Jiang, Richmond, and von Thadden (2020), Working Paper

The model analyses the role of international trade and health coordination in times of a pandemic using a two-economy, two-good trade model with a micro-founded SIR model of infection dynamics.

Epidemics in the New Keynesian Model
Eichenbaum, Rebelo and Trabandt (2022), Journal of Economic Dynamics and Control, 140

The model combines a standard NK- DSGE model with non-linear dynamics of an epidemic through a SIR epidemiological model.

Expectations, Infections and Economic Activity
Eichenbaum, Godinho de Matos, Lima, Rebelo and Trabandt (2022), Journal of Political Economy (forthcoming)

The model combines a structural model featuring young and old agents and infections through consumption with Portuguese data on consumption expenditures.

Inequality in Life and Death
Eichenbaum, Rebelo and Trabandt (2022), IMF Economic Review, 70, 68-104

The model incorporates the heterogeneous impacts of Covid-19 on high- and low-income people into a multi-sector macro model with a micro-founded SIR model of infection dynamics.

Inequality of Fear and Self-Quarantine: Is There a Trade-off between GDP and Public Health?
Aum, Lee and Shin (2020), Journal of Public Economics, 194

The model combines an age-specific SIAISR model with a small economic model, which focuses on different agent groups – self-employed, managers, workers - and their work decision, including a work-from-home option. A government can introduce pandemic specific policies.

Macroeconomic Dynamics and Reallocation in an Epidemic: Evaluating the "Swedish Solution"
Krüger, Uhlig and Xi (2020), Economic Policy, forthcoming

This model is an RBC model combined with an epidemic SIR model and heterogeneous production sectors of consumption goods.

Monetary Policy and COVID-19
Brzoza-Brzezina, Kolasa and Makarski (2022), International Journal of Central Banking, 18(1), 41-80

The paper connects an epidemic framework with a standard New Keynesian model to evaluate various containment policies and investigate the role of monetary policy.

Optimal Mitigation Policies in a Pandemic: Social Distancing and Working from Home
Jones, Philippon and Venkateswaran (2021), Review of Financial Studies, 34(11), 5188-5223

The paper uses an Epi-model combined with household choice to study the incentives of private agents to avoid contracting the virus compared to planner solution, and the goal is to use such a model to quantify the trade-offs of work-from-home policy that could mitigate the pandemic.

Pandemic Recessions and Contact Tracing
Melosi and Rottner (2023), Journal of the European Economic Association

The model analyses contact tracing in a macro-epidemiological model incorporating asymptomatic transmission and limited testing capacity.

Pandemics Through the Lens of Occupations
Chopra, Devereux and Lahiri (2022), Canadian Journal of Economics, 55, 540-580

The model combines a SIR and macroeconomic model. It stands out from other macro-epi models by two features: First, labour is supplied through many different occupations with different degrees of required social proximity, and second, it allows individuals to choose whether to work from the market or work from home.

Stay-at-Home Orders in a Fiscal Union
Crucini and O'Flaherty (2020), NBER WORKING PAPER SERIES

The paper expands the SIR model of Eichenbaum et al. (2020) to multiple locations to study the optimal implementation of stay-at-home orders.

The Limited Power of Monetary Policy in a Pandemic
Lepetit and Fuentes-Albero (2022), European Economic Review, 147, 104-168

The paper embeds an extension of the classic SIPSIR model in a New Keynesian model and develops a framework where economic decisions and virus dynamics interlink. It analyzes the roles of two monetary policy tools, i.e. conventional interest rate policy and forward guidance, during a pandemic.

The Macroeconomics of Age-Varying Epidemics
Giagheddu and Papetti (2020), CEPR Covid Economics, 58, 22-56

The model combines a SIR and Macroeconomic model, and incorporates age-specific socio-economic interactions to study the role of demographic factors in the COVID-19 epidemic evolution.

The Macroeconomics of Epidemics
Eichenbaum, Rebelo and Trabandt (2021), The Review of Financial Studies, 34(11), 5149-5187

The model extends the canonical SIR model to study the equilibrium interactions between economic decisions and epidemic dynamics.

The Macroeconomics of Testing and Quarantining
Eichenbaum, Rebelo and Trabandt (2022), Journal of Economic Dynamics and Control, Vol. 138, May 2022, 104337

The model combines a three-sector DSGE model with a SIR model where people only know their health status if tested.

The Unequal Impact of COVID-19 Across Countries
Rubini (2020), Working Paper

The model evaluates the effects of COVID-19 across countries by extending a canonical SIR model with a variety of countries parameter values.

One-way interaction

All models below have a one-way interaction. The epidemic is pre-simulated. The simulated epidemic - typically the number of infections - affects the economic decisions of the agents. However, these decisions do not affect the evolution of the pandemic.

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Macroepidemics and Unconventional Monetary Policy: Coupling Macroeconomics and Epidemiology in a Financial DSGE SIR Framework
Acurio Vásconez, Damette and Shanafelt (2021), CEPR Covid Economics, 67

The model develops a NK-DSGE Model featuring a financial sector with information asymmetries and an epidemic block of infection dynamic.

Pandemic Lockdown: The Role of Government Commitment
Moser and Yared (2021), Review of Economic Dynamics

The model features a separated-agent (workers and firm owners) macro model with a strict investment-lockdown-production-and-pandemic transmission timing. The pandemic evolves endogenously according to a SIRD model.

Policy During an Epidemic with Super-Spreaders
van Vlokhoven (2020), Working Paper

The model incorporates a SIR pandemic infection dynamic with super-spreaders into a two-good macro model.

Social Distancing and Supply Disruptions in a Pandemic
Bodenstein, Corsetti and Guerrieri (2022), Quantitative Economics (2022), 13(2), 681-721

Authors expand the standard SIR model with a homogeneous population to a setting with multiple groups and combine it with a two-sector growth model to provide a map from the intensity of social distancing into the disease spread, the number of people able to work, and via this channel, into economic activity.

What will be the economic impact of COVID-19 in the US? Rough estimates of disease scenarios
Atkeson (2020), National Bureau of Economic Research (No. w26867)

The model introduces a simple SIR model of the progression of COVID-19 in the United States over the next 12-18 months.

Reduced form

Reduced form models feature macroeconomic decisions independent of the epidemic. Instead, the epidemic is simulated with a combination of model-specific shocks.

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Fiscal Policy during a Pandemic
Faria-e-Castro (2021), Journal of Economic Dynamics and Control, 125, 104088

The model incorporates an exogenous pandemic, in terms of a path of consumption shocks, into a nonlinear two agents two goods DSGE macro model with financial intermediaries and endogenous firms’ entries and exits. Different discretionary fiscal policies are evaluated in the model regarding their effectiveness to mitigate the pandemic shock.

The Euro Areas Pandemic Recession: A DSGE-Based Interpretation
Cardani, Croitorov, Giovannini, Pfeiffer, Ratto and Vogel (2021), Working Paper

The model combines the canonical DSGE set-up with ‘forced savings’ (lockdowns, social distancing), labour hoarding (short-time work) and liquidity-constrained firms.