Household Behavior (Consumption, Credit, and Investments) During the COVID-19 Pandemic
本文综述了疫情期间家庭在消费、信贷和投资方面的行为变化，发现消费快速下降后迅速反弹，政府刺激效果弱于以往衰退，违约率下降，投资受信念变化影响。
The 2020 COVID-19 pandemic led to a large number of studies in household finance, using new high-frequency data in close to real time. In this article, we survey household behavior during the pandemic, with a focus on consumption, government policies, credit, and investment. The pandemic induced a rapid decline in consumption, which was affected by but largely preceded stay-at-home orders and was followed by a rapid rebound. Government stimulus was less effective in 2020 relative to other recessions, which is consistent with both shutdowns and precautionary savings. Delinquency rates fell, unlike in other recessions, likely due to government debt relief policies. Household investment behavior was affected by pandemic-induced changes in beliefs. We conclude by discussing avenues for future research.