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The uneven economic consequences of COVID 19: A structural analysis

Author

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  • Martin Kuncl
  • Austin McWhirter
  • Alexander Ueberfeldt

Abstract

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Suggested Citation

  • Martin Kuncl & Austin McWhirter & Alexander Ueberfeldt, 2021. "The uneven economic consequences of COVID 19: A structural analysis," Staff Analytical Notes 2021-17, Bank of Canada.
    • Handle: RePEc:bca:bocsan:21-17
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    File URL: https://www.bankofcanada.ca/2021/08/staff-analytical-note-2021-17/
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    References listed on IDEAS

    as
    1. Ugochi Emenogu & Cars Hommes & Mikael Khan, 2021. "Detecting exuberance in house prices across Canadian cities," Staff Analytical Notes 2021-9, Bank of Canada.
    2. James MacGee & Thomas Michael Pugh & Kurt See, 2022. "The heterogeneous effects of COVID‐19 on Canadian household consumption, debt and savings," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 55(S1), pages 54-87, February.
    3. Kim Huynh & Helen Lao & Patrick Sabourin & Angelika Welte, 2020. "What do high-frequency expenditure network data reveal about spending and inflation during COVID‑19?," Staff Analytical Notes 2020-20, Bank of Canada.
    4. Martin Kuncl & Alexander Ueberfeldt, 2021. "Monetary Policy and the Persistent Aggregate Effects of Wealth Redistribution," Staff Working Papers 21-38, Bank of Canada.
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    Cited by:

    1. Guyllaume Faucher & Christopher Hajzler & Martin Kuncl & Dmitry Matveev & Youngmin Park & Temel Taskin, 2022. "Potential output and the neutral rate in Canada: 2022 reassessment," Staff Analytical Notes 2022-3, Bank of Canada.

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    More about this item

    Keywords

    The COVID-19 shock had severe economic implications; which were unequally distributed across Canadian households and businesses. Using a structural model with wealth; housing and income differences across households; we create a scenario that mimics key aggregate economic consequences of the COVID-19 shock. We find the following:•The uneven shock consequences—in particular; higher unemployment risk faced by young households during the COVID-19 pandemic—amplified the negative implications for the macroeconomy; household vulnerabilities and consumption inequality. •Government support programs stimulated the economy and reduced consumption inequality and medium-term household vulnerabilities.•A stronger monetary policy response completely offsetting the effective lower bound constraint would have had positive implications for output; inequality and medium-term vulnerabilities.;
    All these keywords.

    JEL classification:

    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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