Economic Effects of the 1918 Influenza Pandemic

CA0721 11/07

Economic Effects of the 1918 Influenza Pandemic

Implications for a Modern-day Pandemic

Thomas A. Garrett Assistant Vice President and Economist Federal Reserve Bank of St. Louis

November 2007

Economic Effects of the 1918 Influenza Pandemic

Implications for a Modern-day Pandemic

Thomas A. Garrett Assistant Vice President and Economist Federal Reserve Bank of St. Louis

Thomas A. Garrett received his doctoral and master's degrees in economics from West Virginia University in Morgantown, W.Va., in 1998 and 1997, respectively. He received his bachelor's in business administration from Shippensburg University of Pennsylvania in 1993. Before coming to the St. Louis Fed, he was an assistant professor in the Department of Agricultural Economics at Kansas State University. His research interests include state and local public finance and public choice, public finance aspects of state lotteries and gambling, and economic history.

The views expressed here are those of the author and not necessarily those of the Federal Reserve Bank of St. Louis or the Federal Reserve System. The report is also available online at munity/other_pubs.html.

Table of Contents

I. Introduction Overview of the 1918 Influenza Pandemic II. Pandemic Mortalities in the United States State and City Pandemic Mortalities Influenza Mortalities and Race Pandemic Mortalities in Eighth Federal Reserve District States III. Economic Effects of the 1918 Influenza Pandemic The 1918 Influenza Pandemic in the News Little Rock, Ark. Memphis, Tenn. Survey of Economic Research Summary IV. Implications for a Modern-day Pandemic V. Final Thoughts

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