Quantitative Analysis of the COVID-19 Pandemic Shock to Household Consumption in China

作     者：Lei Ning Yuqin Wang Lei Ning;Yuqin Wang

作者机构：Institute for Advanced Researchand Key Laboratory of Mathematical Economics of Ministry of EducationShanghai University of Finance and EconomicsShanghai 200433China 

出 版 物：《Frontiers of Economics in China-Selected Publications from Chinese Universities》 (中国高等学校学术文摘·经济学（英文版）)

年 卷 期：2020年第15卷第3期

页      面：355-379页

学科分类：120202[管理学-企业管理（含：财务管理、市场营销、人力资源管理）] 12[管理学] 02[经济学] 0202[经济学-应用经济学] 020207[经济学-劳动经济学] 1202[管理学-工商管理] 0201[经济学-理论经济学] 020106[经济学-人口、资源与环境经济学] 

基　　金：the financial support from the National Natural Science Foundation of China(No.7180311&No.71874105) the financial support from the National Natural Science Foundation of China(71850002) 

主　　题：COVID-19 pandemic shock household consumption labor market heterogeneous agent model liquidity constraint unemployment quantitative analysis 

摘      要：We study the impact of the COVID-19 pandemic shock on household consumption in *** household survey data,we find that the proportion of liquidity-constrained households increases quickly,but the constraint levels vary across distinct *** build a heterogeneous agent life cycle incomplete market model to analyze the long-run and short-run effects of the pandemic *** quantitative results reveal a slow recovery of consumption due to three reasons:hiking unemployment rate,declining labor productivity,and worsening income *** hiking unemployment rate plays the key role in households,consumption reduction since it simultaneously leads to a negative income effect and upsurging precautionary saving *** paper highlights the importance of maintaining a stable labor market for faster recovery.