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Impact of COVID-19 on the US and Texas Economy: A General Equilibrium Approach

Lirong Liu et al.

Frontiers of Economics in China2021https://doi.org/10.54605/fec20210405article
ABDC C
Weight
0.48

What the paper says

This paper examines the impact of COVID-19 on the US and Texas economy using a computable general equilibrium model, REMI PI+. We consider three scenarios based on economic forecasts from various sources, including the University of Michigan’s RSQE (Research Seminar in Quantitative Economics), IMF, and the Wi orld Bank. We report a GDP loss of $106 million (a 6% decline) with 1.2 million jobs lost (6.6%) in Texas in 2020. At the national level, GDP loss is $996 billion (a 5% decline) with 11.5 million jobs lost (5.5%) in the same year. By 2026, the aggregate total GDP loss in Texas ranges from $378 to $629 million. The estimated unemployment rate in Texas in 2021 ranges from 5% to 7.7%, depending on modeling assumptions. The granularity of the CGE results allow examination of the most and least impacted industries. Health Care and Social Assistance, Construction, and Accommodation and Food Services incur the most job loss while State and Local Government and Farm will likely see an increase in jobs for 2020. These insights separate our work from most current impact studies.

4 citations

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https://doi.org/https://doi.org/10.54605/fec20210405

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@article{lirong2021,
  title        = {{Impact of COVID-19 on the US and Texas Economy: A General Equilibrium Approach}},
  author       = {Lirong Liu et al.},
  journal      = {Frontiers of Economics in China},
  year         = {2021},
  doi          = {https://doi.org/https://doi.org/10.54605/fec20210405},
}

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Impact of COVID-19 on the US and Texas Economy: A General Equilibrium Approach

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Evidence weight

0.48

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.33 × 0.4 = 0.13
M · momentum0.80 × 0.15 = 0.12
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.