An economic downturn coincided with the start of the epidemic but the recession was short and moderate, compared with that of 1920/21. Cross-sectional high-frequency data indicate that the epidemic affected the labor supply sharply but briefly with no ensuing spill-overs; most of the recession, brief as it was, was due to the end of the war. I analyze weekly city-level mortality data and economic indicators with time series methods and structural estimation of an economic-epidemiological model: interventions to hinder the contagion reduced mortality at little economic cost, probably because reduced infections mitigated the impact on the labor force.

经济衰退与流行病的开始同时发生，但与 1920/21 年相比，衰退是短暂而温和的。横断面高频数据表明，疫情对劳动力供给的影响是剧烈但短暂的，没有产生溢出效应；大部分的经济衰退，尽管很短暂，都是由于战争的结束。我用时间序列方法和经济流行病学模型的结构估计分析每周城市层面的死亡率数据和经济指标：阻止传染的干预措施以很少的经济成本降低了死亡率，可能是因为减少的感染减轻了对劳动力的影响。