This week's European Economic Experts Panel statements:
A) Offering substantially higher prices per dose would have resulted in larger capacity investments by vaccine makers and accelerated distribution in Europe significantly.
B) In the current situation, paying for more production capacity would be better than offering higher prices for vaccines.
C) If the EU started paying prices above 100 euros per dose, it would on net reduce the cost of the pandemic to the EU via more lives saved and shorter lockdowns.
Keyword: COVID-19
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This week's US Economic Experts Panel statements:
A) The US economy would be substantially stronger today if the state and local ‘stay-at-home’ orders had been more uniform and lasted longer in the first half of the year.
B) The economy will receive a substantial boost as soon as K-12 schools can be safely opened in person nationwide.
This week’s IGM European Economic Experts Panel statements:
A) Right now, the central focus of fiscal policy should be on temporary measures to provide protection and promote rapid economic recovery rather than trying to advance other objectives, such as reducing debt, tackling climate change or addressing inequality.
B) Cutting taxes on firms (or delaying tax collection) will allow more of them to survive and be more effective than public spending for triggering a rapid economic recovery.
C) European recovery fund disbursements to crisis-hit countries should be primarily in the form of grants rather than loans.
D) European recovery fund disbursements to crisis-hit countries should not be made on condition of commitments to reform by recipients.
This week’s IGM European Economic Experts Panel statements:
A) Given the social and regulatory pressures to keep prices down for drugs and vaccines to treat Covid-19, the financial incentives for pharmaceutical companies to invest in such products are below the value of the investment to society.
B) Government commitments to pay developers and manufacturers above average costs for an effective vaccine or drug treatments for Covid-19 would accelerate production.
C) Given the positive externalities from vaccination, an effective Covid-19 vaccine should have priority in public healthcare funding even in countries where other diseases cause more death and disability.
This week’s IGM Economic Experts Panel statements:
A) Given the social and regulatory pressures to keep prices down for drugs and vaccines to treat Covid-19, the financial incentives for pharmaceutical companies to invest in such products are below the value of the investment to society.
B) Government commitments to pay developers and manufacturers above average costs for an effective vaccine or drug treatments for Covid-19 would accelerate production.
C) Given the positive externalities from vaccination, an effective Covid-19 vaccine should be mandatory for every US resident (except those with health exceptions, such as infants and people with compromised immunity) with the cost covered by the federal government.
This week’s IGM Economic Experts Panel statements:
A) Clearing the market for surgical face masks using prices is detrimental to the public good.
B) Laws to prevent high prices for essential goods in short supply in a crisis would raise social welfare.
C) Governments should buy essential medical supplies at what would have been the market price and redistribute according to need rather than ability to pay.
This week’s IGM European Economic Experts Panel statements:
A) Clearing the market for surgical face masks using prices is detrimental to the public good.
B) Laws to prevent high prices for essential goods in short supply in a crisis would raise social welfare.
C) Governments should buy essential medical supplies at what would have been the market price and redistribute according to need rather than ability to pay.
This week’s IGM Economic Experts Panel statements:
A) Assuming that additional federal spending were to be structured as in the CARES Act, a substantial further spending program now will ultimately be less costly than a smaller program because it will better help to avoid long-term economic damage and promote a stronger recovery.
B) Having a fiscal rule that increases social spending on programs like unemployment insurance and SNAP based on the conditions of the economy would be an improvement on the discretionary way in which these programs are currently operated.
This week’s IGM Economic Experts Panel statements:
A) Economic damage from the virus and lockdowns will ultimately fall disproportionately hard on low- and middle-income countries.
B) A temporary standstill on sovereign debt payments by low- and middle-income countries to all official and private creditors to give those countries space to cover the immediate costs of the crisis would benefit advanced economies.
C) Export restrictions on food and medical supplies, and other protectionist measures, are likely to cost lives and slow economic recovery in all countries.
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