Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
To slow the COVID-19 virus, many countries shut down parts of the economy. Older individuals have the most to gain from slowing virus diffusion. Younger workers in shuttered sectors have most to lose. We build a model in which economic activity and disease progression are jointly determined. Individuals differ by age, sector and health status. Disease transmission occurs at work, at home, through consumption, and in hospitals. Optimal economic shutdowns in 2020 are milder when taxes are distortionary, and when the government does not have access to debt. A harder, shorter shutdown is preferred when vaccines become available in early 2021.