This paper combines data on GDP and unemployment and from Google's COVID-19 Community Mobility Reports with data on deaths from COVID-19 to study the macroeconomic outcomes of the pandemic. We present results from an international perspective using data at the country level as well as results for individual US states and key cities throughout the world. The data from these different levels of geographic aggregation offer a remarkably similar view of the pandemic despite the substantial heterogeneity in outcomes. Countries like South Korea, Japan, Germany, and Norway and cities such as Tokyo and Seoul have comparatively few deaths and low macroeconomic losses. At the other extreme, New York City, Lombardy, the United Kingdom, and Madrid have many deaths and large macroeconomic losses. There are fewer locations that seem to succeed on one dimension but suffer on the other, but these include California and Sweden. The variety of cases potentially offers useful policy lessons regarding how to use non-pharmaceutical interventions to support good economic and health outcomes.

本文将 GDP 和失业数据以及来自 Google 的 COVID-19 社区流动报告的数据与 COVID-19 造成的死亡数据相结合，以研究大流行的宏观经济结果。我们使用国家层面的数据以及美国各个州和世界各地主要城市的结果，从国际角度呈现结果。尽管结果存在很大差异，但来自这些不同地理聚合水平的数据提供了非常相似的大流行观点。韩国、日本、德国、挪威等国家和东京、首尔等城市的死亡人数相对较少，宏观经济损失较低。另一个极端是纽约市、伦巴第、英国和马德里，死亡人数众多，宏观经济损失巨大。似乎在一个方面取得成功但另一方面却遭受损失的地方较少，但其中包括加利福尼亚和瑞典。案例的多样性可能提供关于如何使用非药物干预措施来支持良好的经济和健康结果的有用的政策教训。