Consumer responses to the Covid-19 crisis: Evidence from bank account transaction data
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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.
In: The Scandinavian Journal of Economics, Vol. 124, No. 4, 2022, p. 905-929.Research output: Contribution to journal › Journal article › Research › peer-review
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TY - JOUR
T1 - Consumer responses to the Covid-19 crisis
T2 - Evidence from bank account transaction data
AU - Andersen, Asger Lau
AU - Hansen, Emil Toft
AU - Johannesen, Niels
AU - Sheridan, Adam
PY - 2022
Y1 - 2022
N2 - 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.
AB - 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.
KW - Faculty of Social Sciences
KW - Covid-19
KW - Consumption
U2 - 10.1111/sjoe.12512
DO - 10.1111/sjoe.12512
M3 - Journal article
C2 - 35942421
VL - 124
SP - 905
EP - 929
JO - Scandinavian Journal of Economics
JF - Scandinavian Journal of Economics
SN - 0347-0520
IS - 4
ER -
ID: 288289596