  This paper considers a simple model where a social planner can influence the
spread-intensity of an infection wave, and, consequently, also the economic
activity and population health, through a single parameter. Population health
is assumed to only be negatively affected when the number of simultaneously
infected exceeds health care capacity. The main finding is that if (i) the
planner attaches a positive weight on economic activity and (ii) it is more
harmful for the economy to be locked down for longer than shorter time periods,
then the optimal policy is to (weakly) exceed health care capacity at some
time.
