The Intergenerational Mortality Tradeoff of COVID-19 Lockdown Policies

In lower-income countries, the economic contractions that accompany lockdowns to contain the spread of COVID-19 can increase child mortality, counteracting the mortality reductions achieved by the lockdown. To formalize and quantify this effect, this paper builds a macro-susceptible-infected-recovered model that features heterogeneous agents and a country-group-specific relationship between economic downturns and child mortality. The model is calibrated to data for 85 countries across all income levels. The findings show that in low-income countries, a lockdown can potentially lead to 1.76 children's lives lost due to the economic contraction per COVID-19 fatality averted. The figure stands at 0.59 and 0.06 in lower-middle-income and upper-middle-income countries, respectively. As a result, in some countries, lockdowns can produce net increases in mortality. The optimal lockdowns are shorter and milder in poorer countries than in rich ones and never produce a net mortality increase