@article {1573811,
	title = {The Economic Case for Global Vaccinations: An Epidemiological Model with International Production Networks},
	year = {2021},
	note = {
	In the news:New Yorker: Why Rich Countries Should Subsidize Vaccination Around the World

},
	abstract = {COVID-19 pandemic had a devastating effect on both lives and livelihoods in 2020. The arrival\&nbsp;of effective vaccines can be a major game changer. However, vaccines are in short supply\&nbsp;as of early 2021 and most of them are reserved for the advanced economies. We show that the\&nbsp;global GDP loss of not inoculating all the countries, relative to a counterfactual of global vaccinations,\&nbsp;is higher than the cost of manufacturing and distributing vaccines globally. We use an\&nbsp;economic-epidemiological framework that combines a SIR model with international production\&nbsp;and trade networks. Based on this framework, we estimate the costs for 65 countries and 35 sectors.\&nbsp;Our estimates suggest that up to 49 percent of the global economic costs of the pandemic\&nbsp;in 2021 are borne by the advanced economies even if they achieve universal vaccination in their\&nbsp;own countries.},
	author = {Cem Cakmakli and Selva Demiralp and Kalemli-Ozcan, Sebnem and Sevcan Yesiltas and Muhammed Yildirim}
}
