Consumer responses to the Covid-19 crisis: evidence from bank account transaction data.
Scand J Econ
; 2022 Jul 15.
Article
in English
| MEDLINE | ID: covidwho-1937991
ABSTRACT
This paper uses transaction-level bank account data from Denmark to study the dynamics of consumer spending during the Covid-19 pandemic. We document that aggregate spending initially dropped by almost 30% but recovered almost fully after the first wave. While spending plummeted in categories severely affected by supply restrictions, it increased in unaffected categories. Individual exposure to health risks and supply restrictions was associated with much larger spending cuts than exposure to income risk and unemployment. The findings suggest that the contraction was mainly caused by temporary health risks and supply restrictions, with a limited role for persistent negative spill-overs. This article is protected by copyright. All rights reserved.
Full text:
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Collection:
International databases
Database:
MEDLINE
Type of study:
Prognostic study
Language:
English
Year:
2022
Document Type:
Article
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