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The effects of the 2020 lockdown on consumption and savings in Spain

Author

Listed:
  • Jaume Borràs
  • Sergi Jimenez-Martin
  • Jose M. Labeaga

Abstract

This paper investigates the effect of the lockdown on different consumption items using data from the Spanish Household Budget Survey. We rely on its panel data structure and on the observation of the two-week period when the household provide information to identify control and treatment groups. Then, we select several goods to estimate the causal effects of the lockdown on demand, both during the lockdown period and throughout 2020 as a whole. Our analysis reveals that the lockdown induced effects on the intratemporal distribution of total expenditure. Furthermore, the decline in total expenditure masks different changes in commodity groups and the distribution of expenditure as well as variations at different stages of the pandemic. Our findings also suggest that the lockdown measures, along with subsequent restrictions throughout 2020, engendered an unexpected and household-specific variation in savings rates. This, coupled with fluctuations in relative prices could influence other economic dimensions such as inequality and welfare.

Suggested Citation

  • Jaume Borràs & Sergi Jimenez-Martin & Jose M. Labeaga, 2024. "The effects of the 2020 lockdown on consumption and savings in Spain," Studies on the Spanish Economy eee2024-23, FEDEA.
    • Handle: RePEc:fda:fdaeee:eee2024-23
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    References listed on IDEAS

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    1. Deaton,Angus & Muellbauer,John, 1980. "Economics and Consumer Behavior," Cambridge Books, Cambridge University Press, number 9780521296762, November.
    2. James Heckman, 2013. "Sample selection bias as a specification error," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 31(3), pages 129-137.
    3. Jones, Andrew M, 1989. "A Double-Hurdle Model of Cigarette Consumption," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 4(1), pages 23-39, Jan.-Mar..
    4. Hahn, Jinyong & Todd, Petra & Van der Klaauw, Wilbert, 2001. "Identification and Estimation of Treatment Effects with a Regression-Discontinuity Design," Econometrica, Econometric Society, vol. 69(1), pages 201-209, January.
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    Cited by:

    1. Antonio Cutanda & Juan A. Sanchís, 2025. "The COVID-19 Instruments’ Effectiveness in Mitigating the Pandemic Impact on Spanish Consumption," Hacienda Pública Española / Review of Public Economics, IEF, vol. 254(3), pages 87-118, September.

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