![]() Our study is motivated by the ongoing coronavirus pandemic and its multifaceted effects on the economies worldwide. At the beginning of December 2019, Wuhan City, China, witnessed the origin of the novel “coronavirus” (COVID-19 hereafter) at first. The COVID-19 is a highly transmittable and pathogenic viral infection. 2020, the World Health Organization (WHO) declared the COVID-19 as a global outbreak of pandemic on March 11, 2020. The COVID-19 is considered to be a “once-in-a-century pathogen” owing to the following reasons. First, the fatality risk associated with the COVID-19 is 1%, which is more miserable than that of typical influenza, as it can kill healthy as well as elderly people. This fatality risk can be compared with that of the 1857 influenza pandemic (0.6%) and of the 1918 Spanish flu (2%). However, the actual fatality rate of the COVID-19 remains unpredictable, owing to the absence of pharmaceutical inventions. ![]() Second, the exponential rate of transmission of this disease indicates that the COVID-19 will be much more severe than any other pandemic. The economic effects of the COVID-19 can be broadly categorized into supply and demand effects. Supply effects result from the loss of working hours, and the decline in aggregate demand results from the decline in income due to unemployment associated with lockdowns.
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