How Does Household Spending Respond to an Epidemic? Consumption during the 2020 COVID-19 Pandemic
How Does Household Spending Respond to an Epidemic? Consumption during the 2020 COVID-19 Pandemic
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DOI：
10.1093/rapstu/raaa009
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发表时间：
2020-12-01
影响因子：
13.1
通讯作者：
Yannelis, Constantine
中科院分区：
文献类型：
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作者：
Baker, Scott R.;Farrokhnia, Robert A.;Yannelis, Constantine
利用交易层面的金融数据，我们探索了家庭消费如何应对新冠肺炎大流行的爆发。随着病例数量的增加，城市和州颁布了就地避难令，美国人开始从根本上改变他们在许多主要类别的典型支出。在2020年3月的上半月，个人在各种类别的总支出增加了40%以上。紧随其后的是在3月下半月疾病传播期间总支出下降了25%-30%，只有外卖和食品杂货支出是下降的主要例外。尽管所有州的个人都有相当大的反应，但支出反应最强烈的是那些有活跃的就地避难所订单的州。我们发现，政治信仰不同的个人几乎没有什么不同，但有孩子或流动性水平较低的家庭在3月下半月的支出降幅最大。
Utilizing transaction-level financial data, we explore how household consumption responded to the onset of the COVID-19 pandemic. As case numbers grew and cities and states enacted shelter-in-place orders, Americans began to radically alter their typical spending across a number of major categories. In the first half of March 2020, individuals increased total spending by over 40% across a wide range of categories. This was followed by a decrease in overall spending of 25%-30% during the second half of March coinciding with the disease spreading, with only food delivery and grocery spending as major exceptions to the decline. Spending responded most strongly in states with active shelter-in-place orders, though individuals in all states had sizable responses. We find few differences across individuals with differing political beliefs, but households with children or low levels of liquidity saw the largest declines in spending during the latter part of March.