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have been within the presence of reopening coverage. These findings present useful proof to coverage makers in mitigating the impacts of the COVID-19 disaster. A majority of governments around the world unprecedentedly closed schools in response to the COVID-19 pandemic. This paper quantitatively investigates the macroeconomic and distributional penalties of college closures through intergenerational channels within the medium- and long-time period. The mannequin economy is a dynastic overlapping generations common equilibrium mannequin during which colleges, in the form of public education investments, complement parental investments in producing children’s human capital. We calibrate the stationary equilibrium of the model to the U.S. economy and compute the equilibrium responses following unexpected school closure shocks. We find that faculty closures have reasonable long-lasting antagonistic effects on macroeconomic aggregates such as output. In addition, we discover that school closures reduce intergenerational mobility, particularly among older youngsters. Finally, we find that lower substitutability between public and parental investments induces larger damages within the mixture financial system and general lifetime incomes of the affected children, while mitigating negative impacts on intergenerational mobility. In all findings, heterogeneous parental responses to school closures play a key position. Our

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