About: In response to the COVID-19 emergency, many countries have introduced a series of social-distancing measures including lockdowns and businesses’ shutdowns, in an attempt to curb the spread of the infection. Accordingly, the pandemic has been generating unprecedented disruption on practically every aspect of society. This paper demonstrates that high-frequency electricity market data can be used to estimate the causal, short-run impacts of COVID-19 on the economy, providing information that is essential for shaping future lockdown policy. Unlike official statistics, which are published with a delay of a few months, our approach permits almost real-time monitoring of the economic impact of the containment policies and the financial stimuli introduced to address the crisis. We illustrate our methodology using daily data for the Italian day-ahead power market. We estimate that the 3 weeks of most severe lockdown reduced the corresponding Italian Gross Domestic Product (GDP) by roughly 30%. Such negative impacts are now progressively declining but, at the end of June 2020, GDP is still about 8.5% lower than it would have been without the outbreak. ELECTRONIC SUPPLEMENTARY MATERIAL: The online version of this article (10.1007/s10640-020-00467-4) contains supplementary material, which is available to authorized users.   Goto Sponge  NotDistinct  Permalink

An Entity of Type : fabio:Abstract, within Data Space : wasabi.inria.fr associated with source document(s)

AttributesValues
type
value
  • In response to the COVID-19 emergency, many countries have introduced a series of social-distancing measures including lockdowns and businesses’ shutdowns, in an attempt to curb the spread of the infection. Accordingly, the pandemic has been generating unprecedented disruption on practically every aspect of society. This paper demonstrates that high-frequency electricity market data can be used to estimate the causal, short-run impacts of COVID-19 on the economy, providing information that is essential for shaping future lockdown policy. Unlike official statistics, which are published with a delay of a few months, our approach permits almost real-time monitoring of the economic impact of the containment policies and the financial stimuli introduced to address the crisis. We illustrate our methodology using daily data for the Italian day-ahead power market. We estimate that the 3 weeks of most severe lockdown reduced the corresponding Italian Gross Domestic Product (GDP) by roughly 30%. Such negative impacts are now progressively declining but, at the end of June 2020, GDP is still about 8.5% lower than it would have been without the outbreak. ELECTRONIC SUPPLEMENTARY MATERIAL: The online version of this article (10.1007/s10640-020-00467-4) contains supplementary material, which is available to authorized users.
subject
  • Southern European countries
  • 1861 establishments in Europe
  • G7 nations
part of
is abstract of
is hasSource of
Faceted Search & Find service v1.13.91 as of Mar 24 2020


Alternative Linked Data Documents: Sponger | ODE     Content Formats:       RDF       ODATA       Microdata      About   
This material is Open Knowledge   W3C Semantic Web Technology [RDF Data]
OpenLink Virtuoso version 07.20.3229 as of Jul 10 2020, on Linux (x86_64-pc-linux-gnu), Single-Server Edition (94 GB total memory)
Data on this page belongs to its respective rights holders.
Virtuoso Faceted Browser Copyright © 2009-2025 OpenLink Software