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BEGIN:VEVENT
UID:7d6248391372b65a29d219e55caaa323
CATEGORIES:Seminars
CREATED:20200924T112903
SUMMARY:WEBINAR: Sevi Rodriguez Mora - University of Edinburgh
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\n"Tracking the COVID-19 Crisis with High-Resolution Transaction Data" (w
 ith Vasco M. Carvalho, Juan R. Garcia, Stephen Hansen, Álvaro Ortiz, Tomasa
  Rodrigo, and Pep Ruiz)\n\n\nAbstract:\nFinancial and payments systems thro
 ughout the world generate a vast amount of naturally occurring, and digital
 ly recorded, transaction data, but national statistical agencies mainly rel
 y on surveys of much smaller scale for constructing official economic serie
 s. This paper considers billions of transactions from credit- and debit-car
 d data from BBVA, one of the largest banks in the world, as an alternative 
 source of information for measuring consumption, a key component of GDP. We
  show, through extensive validation exercises against official consumption 
 measures, that transaction data can usefully complement slow-moving nationa
 l accounts and consumption surveys. We show that this holds (i) over time, 
 as a high frequency consumption proxy both at national and subnational leve
 ls; (ii) over consumption categories, rendering it a naturally occurring co
 nsumption survey and (iii) over space, as a covariate-rich mobility dataset
 . We apply the idea of card spending as a real-time, geographically resolve
 d and covariate-rich consumption proxy to the COVID- 19 crisis, where we pr
 esent four findings: (1) a strong consumption reaction to lockdown enactmen
 t and a rapid, V-shaped consumption recovery at the global, national and su
 bnational levels; (2) differential responses of expenditure to alternative 
 lockdown policies at a subnational level; (3) an adjustment to the average 
 consumption basket during lockdown towards the goods basket of low-income h
 ouse- holds; (4) a divergence in mobility patterns during lockdown accordin
 g to income in which poorer households travel more during the workweek. We 
 conclude that transaction data provides high-quality information about hous
 ehold consumption and mobility, rendering it a potentially important input 
 into national statistics and research on household consumption.\n
DTSTAMP:20260403T173225Z
DTSTART:20201005T163000Z
DTEND:20201005T173000Z
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