全球智库信息集成服务系统(G2TT): DP14642 Tracking the COVID-19 Crisis with High-Resolution Transaction Data

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP14642
	DP14642 Tracking the COVID-19 Crisis with High-Resolution Transaction Data
	Vasco Carvalho; Juan Ramón García; Stephen Hansen; Alvaro Ortiz; Tomasa Rodrigo; Sevi Rodriguez Mora; Pep Ruiz
发表日期	2020-04-20
出版年	2020
语种	英语
摘要	Financial and payments systems throughout the world generate a vast amount of naturally occurring, and digitally recorded, transaction data, but national statistical agencies mainly rely on surveys of much smaller scale for constructing official economic series. This paper considers 2.1 billion transactions from credit- and debit-card data from BBVA, the second largest bank in Spain, as an alternative source of information for measuring consumption, a key component of GDP. While card spending growth is more volatile than non-durable consumption growth, normalized spending correlates strongly with official consumption measures. In the cross section, patterns in card spending match those in official household budget surveys very closely. The implication is that card spending can stand in for consumption surveys in environments where official data is not available, for example due to reporting delays or to insufficient geographic or household detail. We apply the idea of card spending as a consumption survey to the COVID-19 crisis in Spain, where we present four findings: (1) a strong consumption reaction to lockdown and its easing at the national and regional levels; (2) a rapid, V-shaped consumption recovery in the aggregate; (3) an adjustment to the average consumption basket during lockdown towards the goods basket of low-income households; (4) a divergence in mobility patterns during lockdown according to income in which poorer households travel more during the workweek. Our main conclusion is that transaction data provides high-quality information about household consumption, which makes it a potentially important input into national statistics and research on household consumption.
主题	Industrial Organization
URL	https://cepr.org/publications/dp14642-1
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/543555
推荐引用方式 GB/T 7714	Vasco Carvalho,Juan Ramón García,Stephen Hansen,et al. DP14642 Tracking the COVID-19 Crisis with High-Resolution Transaction Data. 2020.