全球智库信息集成服务系统(G2TT): DP15525 The Covid-19 Crisis and Consumption: Survey Evidence from Six EU Countries

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP15525
	DP15525 The Covid-19 Crisis and Consumption: Survey Evidence from Six EU Countries
	Dimitris Christelis; Dimitris Georgarakos; Tullio Jappelli; Geoff Kenny
发表日期	2020-12-07
出版年	2020
语种	英语
摘要	Using new panel data from a representative survey of households in the six largest euro area economies, the paper estimates the impact of the Covid-19 crisis on consumption. The panel provides, each month, household-specific indicators of the concern about finances due to Covid-19 from the first peak of the pandemic until October 2020. The results show that this concern causes a significant reduction in non-durable consumption. The paper also explores the potential impact on consumption of government interventions and of another wave of Covid-19, using household-level consumption adjustments to scenarios that involve positive and negative income shocks. Fears of the financial consequences of the pandemic induce a significant reduction in the marginal propensity to consume, an effect consistent with models of precautionary saving and liquidity constraints. The results are robust to endogeneity concerns through use of panel fixed effects and partial identification methods, which account also for time-varying unobservable variables, and provide informative identification regions of the average treatment effect of the concern for Covid-19 under weak assumptions.
主题	Macroeconomics and Growth
关键词	Consumption Income shocks Marginal propensity to consume Financial concerns Fiscal policies
URL	https://cepr.org/publications/dp15525
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/544527
推荐引用方式 GB/T 7714	Dimitris Christelis,Dimitris Georgarakos,Tullio Jappelli,et al. DP15525 The Covid-19 Crisis and Consumption: Survey Evidence from Six EU Countries. 2020.