Furlough and Household Financial Distress during the COVID‐19 Pandemic*
研究英国新冠疫情期间休假对家庭财务困境的影响，发现休假使住房和账单逾期支付概率分别增加30%和19%，但与失业相比，休假使财务困境发生率降低95%。
Abstract We study how being furloughed affects household financial distress during the COVID‐19 pandemic in the United Kingdom. Furlough increases the probability of late housing and bill payments by 30% and 19%, respectively. At the aggregate level, furlough increases the incidence of financial distress by 3.38 percentage points. To offset furlough‐induced income reductions, individuals significantly reduce consumption and spend savings. Relative to unemployment, the potential alternative in the absence of a furlough scheme, furlough reduces the incidence of financial distress by 95%. Estimates show an 80% government contribution to furloughed workers' wages minimizes the incidence of financial distress at the lowest cost to taxpayers.