Consumer responses to the COVID‐19 crisis: evidence from bank account transaction data*
利用丹麦银行账户交易数据，研究发现疫情初期总消费下降近30%，但第一波疫情后几乎完全恢复；健康风险和供给限制导致的消费减少远大于收入风险和失业的影响。
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.