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| 03144cam 2200409zi 4500 |
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| 001 | 9.894146 |
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| 003 | CaOODSP |
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| 005 | 20221107173643 |
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| 006 | m o d f |
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| 007 | cr cn||||||||| |
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| 008 | 201130t20202020onca ob f000 0 eng d |
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| 040 | |aCaOODSP|beng|erda|cCaOODSP |
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| 043 | |an-cn--- |
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| 045 | |ay2y2 |
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| 086 | 1 |aFB3-5/2020-51E-PDF |
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| 100 | 1 |aMacGee, James, |eauthor. |
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| 245 | 14|aThe heterogeneous effects of COVID-19 on Canadian household consumption, debt and savings / |cby James MacGee, Thomas Pugh and Kurt See. |
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| 264 | 1|aOttawa, Ontario, Canada : |bBank of Canada = Banque du Canada, |c2020. |
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| 264 | 4|c©2020 |
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| 300 | |a1 online resource (ii, 37 pages) : |bcolour illustrations. |
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| 336 | |atext|btxt|2rdacontent |
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| 337 | |acomputer|bc|2rdamedia |
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| 338 | |aonline resource|bcr|2rdacarrier |
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| 490 | 1 |aStaff working paper = |aDocument de travail du personnel, |x1701-9397 ; |v2020-51 |
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| 500 | |a"Last updated: November 27, 2020." |
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| 504 | |aIncludes bibliographical references (pages 32-33). |
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| 520 | 3 |a"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. |
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| 650 | 0|aCOVID-19 (Disease)|zCanada|xEconometric models. |
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| 650 | 0|aCOVID-19 Pandemic, 2020-|zCanada|xEconometric models. |
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| 650 | 0|aHouseholds|zCanada|xEconometric models. |
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| 650 | 6|aCOVID-19|zCanada|xModèles économétriques. |
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| 650 | 6|aPandémie de COVID-19, 2020-|zCanada|xModèles économétriques. |
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| 650 | 6|aMénages (Statistique)|zCanada|xModèles économétriques. |
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| 710 | 2 |aBank of Canada, |eissuing body. |
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| 830 | #0|aStaff working paper (Bank of Canada)|v2020-51.|w(CaOODSP)9.806221 |
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| 856 | 40|qPDF|s1.21 MB|uhttps://publications.gc.ca/collections/collection_2020/banque-bank-canada/FB3-5-2020-51-eng.pdf |
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