In this paper, we use 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 percent 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 spillovers.

中文翻译：

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消费者对 COVID-19 危机的反应：来自银行账户交易数据的证据*

在本文中，我们使用丹麦的交易级银行账户数据来研究 COVID-19 大流行期间消费者支出的动态。我们记录了总支出最初下降了近 30%，但在第一波之后几乎完全恢复。虽然受供应限制严重影响的品类支出大幅下降，但未受影响品类的支出有所增加。与收入风险和失业相比，个人暴露于健康风险和供应限制与更大的支出削减相关。研究结果表明，收缩主要是由暂时的健康风险和供应限制引起的，持续的负面溢出效应有限。