Consumer Responses to the COVID-19 Crisis: Evidence from Bank Account Transaction Data
Publikation: Working paper › Forskning
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Consumer Responses to the COVID-19 Crisis: Evidence from Bank Account Transaction Data. / Andersen, Asger Lau; Hansen, Emil Toft; Johannesen, Niels; Sheridan, Adam.
2020.Publikation: Working paper › Forskning
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TY - UNPB
T1 - Consumer Responses to the COVID-19 Crisis: Evidence from Bank Account Transaction Data
AU - Andersen, Asger Lau
AU - Hansen, Emil Toft
AU - Johannesen, Niels
AU - Sheridan, Adam
PY - 2020/5/26
Y1 - 2020/5/26
N2 - This paper uses transaction-level customer data from the largest bank in Denmark to estimate the change in consumer spending caused by the COVID-19 pandemic and the resulting shutdown of the Danish economy. We find that aggregate spending was on average 27% below the counterfactual level without the pandemic in the seven weeks following the shutdown. The spending drop was mostly concentrated on goods and services whose supply was directly restricted by the shutdown, suggesting a limited role for spillovers to non-restricted sectors through demand in the short term. The spending drop was larger for individuals with more ex ante exposure to the adverse consequences of the crisis in the form of job loss, wealth destruction, severe disease and disrupted consumption patterns and, most notably, for individuals with an ex post realization of crisis-related unemployment.
AB - This paper uses transaction-level customer data from the largest bank in Denmark to estimate the change in consumer spending caused by the COVID-19 pandemic and the resulting shutdown of the Danish economy. We find that aggregate spending was on average 27% below the counterfactual level without the pandemic in the seven weeks following the shutdown. The spending drop was mostly concentrated on goods and services whose supply was directly restricted by the shutdown, suggesting a limited role for spillovers to non-restricted sectors through demand in the short term. The spending drop was larger for individuals with more ex ante exposure to the adverse consequences of the crisis in the form of job loss, wealth destruction, severe disease and disrupted consumption patterns and, most notably, for individuals with an ex post realization of crisis-related unemployment.
KW - COVID-19
KW - consumer spending
KW - pandemic
KW - social distancing
KW - shutdown
U2 - 10.2139/ssrn.3609814
DO - 10.2139/ssrn.3609814
M3 - Working paper
T3 - CEBI Working Paper Series
BT - Consumer Responses to the COVID-19 Crisis: Evidence from Bank Account Transaction Data
ER -
ID: 248805337