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Initial Impacts of the Pandemic on Consumer Behavior: Evidence from Linked Income, Spending, and Savings Data
Brookings Papers on Economic Activity ( IF 7.914 ) Pub Date : 2021-04-07
Natalie Cox, Peter Ganong, Pascal Noel, Joseph Vavra, Arlene Wong, Diana Farrell, Fiona Greig, Erica Deadman

We use US household-level bank account data to investigate the heterogeneous effects of the pandemic on spending and savings. Households across the income distribution all cut spending from March to early April. Since mid-April, spending has rebounded most rapidly for low-income households. We find large increases in liquid asset balances for households throughout the income distribution. However, lower-income households contribute disproportionately to the aggregate increase in balances, relative to their prepandemic shares. Taken together, our results suggest that spending declines in the initial months of the recession were primarily caused by direct effects of the pandemic, rather than resulting from labor market disruptions. The sizable growth in liquid assets we observe for low-income households suggests that stimulus and insurance programs during this period likely played an important role in limiting the effects of labor market disruptions on spending.



中文翻译:

大流行对消费者行为的初步影响:来自相关收入,支出和储蓄数据的证据

我们使用美国家庭级别的银行帐户数据来调查大流行对支出和储蓄的不同影响。从3月到4月初,收入分配范围内的所有家庭都削减了支出。自4月中旬以来,低收入家庭的支出反弹最快。我们发现,在整个收入分配过程中,家庭的流动资产余额大幅增加。但是,相对于大流行前的份额,低收入家庭对总余额增加的贡献不成比例。综上所述,我们的结果表明,经济衰退最初几个月的支出下降主要是由大流行的直接影响引起的,而不是劳动力市场中断造成的。

更新日期:2021-04-08
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