00000nam 2200000zi 4500 9.894146 CaOODSP 20250218145302 m o d f cr cn||||||||| 201130t20202020onca ob f000 0 eng d CaOODSP eng rda CaOODSP n-cn--- y2y2 FB3-5/2020-51E-PDF MacGee, James, author. The heterogeneous effects of COVID-19 on Canadian household consumption, debt and savings / by James MacGee, Thomas Pugh and Kurt See. Ottawa, Ontario, Canada : Bank of Canada = Banque du Canada, 2020. ©2020 1 online resource (ii, 37 pages) : colour illustrations. text txt rdacontent computer c rdamedia online resource cr rdacarrier Staff working paper = Document de travail du personnel, 1701-9397 ; 2020-51 "Last updated: November 27, 2020." Includes bibliographical references (pages 32-33). "This paper develops an agent-based modelling approach to quantify the impact of COVID-19-induced economic disruptions on household debt and unplanned savings over 2020. We merge data from the Survey of Financial Security and the Survey of Household Spending to construct a representative cross-section of households who vary in their income, debt portfolios and mix of consumption expenditures. We simulate a series of individual and aggregate shocks to household income and consumption expenditures that incorporate government policies such as Canadian Emergency Response Benefit (CERB) as well as shifts in consumption expenditures across hard-to-distance goods (e.g., travel, restaurants) and easy-to-distance goods (e.g., groceries). Differential impact on household incomes resulting from unemployment and reduced hours play an important role in driving household debt and savings. We highlight two other important channels. First, income replacement programs (notably CERB) only partially replace lost income for unemployed, previously middle-income households—which drives a rise in borrowing, particularly for those with mortgages. Second, upper-income households have relatively larger expenditures on hard-to-distance goods and so experience larger declines in consumption expenditures. This contributes to the high savings observed during March and April"--Abstract, page ii. COVID-19 (Disease) Canada Econometric models. COVID-19 Pandemic, 2020-2023 Canada Econometric models. Households Canada Econometric models. COVID-19 Canada Modèles économétriques. Pandémie de COVID-19, 2020-2023 Canada Modèles économétriques. Ménages (Statistique) Canada Modèles économétriques. Bank of Canada, issuing body. Staff working paper (Bank of Canada) 2020-51. (CaOODSP)9.806221 PDF 1.21 MB https://publications.gc.ca/collections/collection_2020/banque-bank-canada/FB3-5-2020-51-eng.pdf