REMI on Modeling the Economic Impacts of the COVID-19 Pandemic
Economies all over the world are feeling the economic and fiscal pressure brought about by the outbreak of COVID-19 and the preventative measures taken to slow its spread.
REMI CEO and Chief Economist Frederick Treyz, Ph.D. will be hosting a special REMI webinar, “REMI on Modeling the Economic Impacts of the COVID-19 Pandemic,” on Tuesday, March 31st from 2:00 to 3:00 p.m. (ET) that covers the variety of disruptive effects expected from COVID-19 on the United States economy.
This presentation is designed to calculate the full economic impact of a pandemic by identifying the key types of disruptions associated with an outbreak and explaining how to model each of them. The severity of this pandemic will differ from region to region, but this webinar will put together a baseline for modeling the various economic changes we are already witnessing in real time.
Dr. Treyz will evaluate the impacts of a wide variety of disruptive effects, including increased absenteeism, changes in consumer spending patterns, supply chain disruptions, declines in global demand, and an increased mortality rate.
The methodological approaches to modeling each of these factors will be carefully detailed during my webinar presentation. Dr. Treyz will also explain how businesses and the U.S. economy could potentially respond to continued closures and travel restrictions.
Vanessa Vargas & Patrick Finley – Epidemiological and Economic Modeling of a Pandemic
The COVID-19 pandemic has now led to the deaths of thousands of people and infected even more. The human tragedy is staggering, but unfortunately it is not the only cost that the pandemic has imposed.
Economist Vanessa Vargas and Principal Member of Technical Staff Patrick Finley from Sandia National Laboratories will join REMI for their special guest webinar, “Epidemiological and Economic Modeling of a Pandemic,” that will be presented on Tuesday, March 24th from 2:00 to 3:00 p.m. (ET). This discussion combines epidemiology and economics to explore the significant costs associated with a widespread outbreak and its interruption of normal economic activity.
The Chinese economy has already been severely impacted, and the effects continue to spread with over 20,000 cases reported outside of China and hundreds reported in the United States.
In order to understand the potential impacts on the U.S. economy, Ms. Vargas and Mr. Finley will utilize a 2010 report produced by Sandia that analyzed the effects of the H1N1 and H5N1 influenza pandemics using REMI. They will explain the methodologies implemented in Sandia’s report before highlighting the key findings discovered during their assessment. Basing the analysis on careful epidemiological pre-modeling, the report displayed how much illness could reduce economic output via increased mortality, absenteeism, and reduced worker productivity.
This webinar presentation also describes how the COVID-19 outbreak may differ from previous pandemics, both epidemiologically and with respect to China’s positioning in the world’s economic system.