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Media type:
E-Article
Title:
Tracking the COVID-19 crisis with high-resolution transaction data
Contributor:
Carvalho, Vasco M.;
Garcia, Juan R.;
Hansen, Stephen;
Ortiz, Álvaro;
Rodrigo, Tomasa;
Rodríguez Mora, José V.;
Ruiz, Pep
imprint:
The Royal Society, 2021
Published in:Royal Society Open Science
Language:
English
DOI:
10.1098/rsos.210218
ISSN:
2054-5703
Origination:
Footnote:
Description:
<jats:p>Payments systems generate vast amounts of naturally occurring transaction data rarely used for constructing official statistics. We consider billions of transactions from card data from a large bank, Banco Bilbao Vizcaya Argentaria, as an alternative source of information for measuring consumption. We show, via validation against official consumption measures, that transaction data complements national accounts and consumption surveys. We then analyse the impact of COVID-19 in Spain, and document: (i) strong consumption responses to business closures, but smaller effects for capacity restrictions; (ii) a steeper decline in spending in rich neighbourhoods; (iii) higher mobility for residents of lower-income neighbourhoods, correlating with increased disease incidence.</jats:p>