We study the positive and normative implications of labor market policies that counteract the economic fallout from containment measures during an epidemic. We incorporate a standard epidemiological model into an equilibrium search model of the labor market to compare unemployment insurance (UI) expansions and payroll subsidies. In isolation, payroll subsidies that preserve match capital and enable a swift economic recovery are preferred over a cost-equivalent UI expansion. When considered jointly, however, a cost-equivalent optimal mix allocates 20 percent of the budget to payroll subsidies and 80 percent to UI. The two policies are complementary, catering to different rungs of the productivity ladder. The small share of payroll subsidies is sufficient to preserve high-productivity jobs, but it leaves room for social assistance to workers who face inevitable job loss.

我们研究了劳动力市场政策的积极和规范意义，这些政策可以抵消流行病期间遏制措施带来的经济影响。我们将标准的流行病学模型纳入劳动力市场的均衡搜索模型中，以比较失业保险（UI）的扩张和工资补贴。孤立地，薪资补贴可保留匹配资金并能迅速实现经济复苏，而不是成本等效的UI扩展。但是，当共同考虑时，等同于成本的最佳组合将预算的20％分配给工资补贴，将80％的预算分配给UI。两项政策是相辅相成的，以适应生产力阶梯的不同等级。工资补贴的一小部分足以保留高生产率的工作，但为面临不可避免失业的工人留下了社会援助的空间。