scholarly journals The Impact of COVID-19 on the US Economy: The Multiplier Effects of Tourism

Economies ◽  
2021 ◽  
Vol 10 (1) ◽  
pp. 2
Author(s):  
Nikolaos Rodousakis ◽  
George Soklis
Keyword(s):  
Comparative Analysis ◽  
Domestic Product ◽  
Input Output ◽  
Output Data ◽  
Us Economy ◽  
The Us ◽  
Multiplier Effects ◽  
External Sector ◽  
The Impact

This article explores the multiplier effects on domestic product, employment, and the external sector of the US economy due to the decline of tourism activities during the pandemic. For this purpose, we use an input-output model and the latest available input-output data from the Organisation for Economic Co-operation and Development (OECD’s) database. It was found that for every USD million decrease in tourism receipts, the net output decreases about USD 1.53 million, the level of employment decreases about 16.86 persons, imports decrease about USD 0.20 million, while the comparative analysis of these results with the economy’s average multipliers indicates that tourism constitutes a key sector of the US economy. From the evaluation of the results, it is deduced that the decline of tourism activities recorded in the year 2020 accounts for about one-fourth of the observed recession in the US economy.

Technological and Demand Change in Energy Use: An Input—Output Analysis

1987 ◽  
Vol 19 (10) ◽  
pp. 1387-1398 ◽  
Author(s):  
J M Gowdy ◽  
J L Miller
Keyword(s):  
Technological Change ◽  
Energy Use ◽  
Input Output ◽  
Output Analysis ◽  
Energy Mix ◽  
Input Output Analysis ◽  
Us Economy ◽  
Time Period ◽  
The Us ◽  
The Impact

In this study input–output tables for the US economy are used to examine the changing pattern of energy use from 1963 to 1977. A method is developed for isolating some of the reasons behind the observed changes. We examine the impact of four types of technological change and two types of demand change on energy use. Two types of technological change that are of particular importance in the time period considered are changes in energy mix and changes due to substitution among nonenergy inputs.

The Impact of the Cruise Industry on a Region's Economy: A Case Study of Port Canaveral, Florida

2002 ◽  
Vol 8 (3) ◽  
pp. 281-288 ◽  
Author(s):  
Bradley M. Braun ◽  
James A. Xander ◽  
Kenneth R. White
Keyword(s):  
Economic Impact ◽  
Survey Data ◽  
Input Output ◽  
Significant Component ◽  
Cruise Industry ◽  
Us Economy ◽  
The Us ◽  
Cruise Line ◽  
The Impact

The cruise industry has become a significant component of the US economy, and Port Canaveral has become the second largest cruise port in the country. This study focuses on the special considerations that must be taken into account in measuring the direct spending of the cruise industry, and uses a regional input–output model to estimate the total economic impact. The impacts are based on survey data for the following three groups: cruise line spending; cruise passenger spending; and ships' crew spending.

scholarly journals Medical costs of keeping the US economy open during COVID-19

2020 ◽  
Vol 10 (1) ◽  
Author(s):  
Jiangzhuo Chen ◽  
Anil Vullikanti ◽  
Stefan Hoops ◽  
Henning Mortveit ◽  
Bryan Lewis ◽  
...  
Keyword(s):  
National Level ◽  
Medical Costs ◽  
Medical Attention ◽  
Health States ◽  
Us Economy ◽  
Hospital Referral Region ◽  
Hospital Referral ◽  
The Us ◽  
Hospital Beds ◽  
The Impact

Abstract We use an individual based model and national level epidemic simulations to estimate the medical costs of keeping the US economy open during COVID-19 pandemic under different counterfactual scenarios. We model an unmitigated scenario and 12 mitigation scenarios which differ in compliance behavior to social distancing strategies and in the duration of the stay-home order. Under each scenario we estimate the number of people who are likely to get infected and require medical attention, hospitalization, and ventilators. Given the per capita medical cost for each of these health states, we compute the total medical costs for each scenario and show the tradeoffs between deaths, costs, infections, compliance and the duration of stay-home order. We also consider the hospital bed capacity of each Hospital Referral Region (HRR) in the US to estimate the deficit in beds each HRR will likely encounter given the demand for hospital beds. We consider a case where HRRs share hospital beds among the neighboring HRRs during a surge in demand beyond the available beds and the impact it has in controlling additional deaths.

Modelling sectoral spillovers in the USA (1992–2015)

2020 ◽  
Vol 47 (3) ◽  
pp. 561-595
Author(s):  
Konstantinos N. Konstantakis ◽  
Panayotis G. Michaelides ◽  
Theofanis Papageorgiou ◽  
Theodoros Daglis
Keyword(s):  
Information Technology ◽  
General Equilibrium ◽  
Methodological Approach ◽  
Robustness Analysis ◽  
Autoregressive Process ◽  
Spillover Effects ◽  
Content Type ◽  
Us Economy ◽  
The Us ◽  
The Impact

PurposeThis research paper uses a novel methodological approach to investigate the spillover effects among the key sectors of the US economy.Design/methodology/approachThe paper links the US sectors via a node theoretic scheme based on a general equilibrium framework, whereas it estimates the general equilibrium equation as a Global Vector Autoregressive process, taking into consideration the potential existence of dominant units.FindingsBased on our findings, the dominant sector in the US economy, for the period 1992–2015, is the sector of information technology, finance and communications, a fact that gives credence to the view that the US economy is a service-driven economy. In addition, the US economy seems to benefit by the increased labour mobility across knowledge-intensive sectors, thus avoiding the ‘employment trap’ which in turn enabled the US economy to overcome the financial crisis of 2007.Originality/valueFirstly, the paper models by means of a network approach which is based on a general equilibrium framework, the linkages between the US sectors while treating the sector of information, technology, communications and finance as dominant, as dictated by its degree of centrality in the network structure. Secondly, the paper offers a robustness analysis regarding both the existence and the identification of dominant sectors (nodes) in the US economy. Thirdly, the paper studies a wide period, namely 1992–2015, fully capturing the recent global recession, while acknowledging the impact of the global crisis through the introduction of the relevant exogenous dummy variables; Lastly and most importantly, it is the first study to apply the GVAR approach in a network general equilibrium framework at the sectoral level.

A Replication of “Is Public Expenditure Productive?” (Journal of Monetary Economics, 1989)

2017 ◽  
Vol 47 (3) ◽  
pp. 623-629
Author(s):  
Christopher Clarke ◽  
Raymond G. Batina
Keyword(s):  
Public Expenditure ◽  
Monetary Economics ◽  
Public Capital ◽  
Data Sources ◽  
Exact Methods ◽  
Us Economy ◽  
The Us ◽  
Causality Tests ◽  
Granger Causality Tests ◽  
The Impact

We replicate the results of the landmark paper by Aschauer (1989) on the impact of public capital on the US economy. We obtained data from his stated sources and followed his exact methods and are able to replicate his main results. We also extend his data to the period 1949 to 2015, use different data sources, DOLS and VECM estimation, and Granger causality tests. We are again able to replicate his results. Please see the longer version of our article for details.

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