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Tracking the COVID-19 crisis with high-resolution transaction data

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Title: Tracking the COVID-19 crisis with high-resolution transaction data
Authors: Carvalho, VM
Garcia, JR
Hansen, S
Ortiz, Á
Rodrigo, T
Rodríguez Mora, JV
Ruiz, P
Item Type: Journal Article
Abstract: 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.
Issue Date: Aug-2021
Date of Acceptance: 26-Jul-2021
URI: http://hdl.handle.net/10044/1/91092
DOI: 10.1098/rsos.210218
ISSN: 2054-5703
Publisher: The Royal Society
Start Page: 1
End Page: 18
Journal / Book Title: Royal Society Open Science
Volume: 8
Issue: 8
Copyright Statement: © 2021 The Authors. Published by the Royal Society under the terms of the Creative Commons Attribution License http://creativecommons.org/licenses/by/4.0/, which permits unrestricted use, provided the original author and source are credited.
Sponsor/Funder: Commission of the European Communities
Funder's Grant Number: MSEP_P85339
Publication Status: Published
Online Publication Date: 2021-08-11
Appears in Collections:Imperial College Business School
Imperial College London COVID-19

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