About: Socio-Economic Impacts of COVID-19 on Household Consumption and Poverty

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Attributes	Values
type	Academic Article research paper schema:ScholarlyArticle
isDefinedBy	Covid-on-the-Web dataset
has title	Socio-Economic Impacts of COVID-19 on Household Consumption and Poverty
Creator	Walsh, Brian Hallegatte, Stéphane Markhvida, Maryia Martin, Amory
Source	ArXiv; Medline; PMC
abstract	The COVID-19 pandemic has caused a massive economic shock across the world due to business interruptions and shutdowns from social-distancing measures. To evaluate the socio-economic impact of COVID-19 on individuals, a micro-economic model is developed to estimate the direct impact of distancing on household income, savings, consumption, and poverty. The model assumes two periods: a crisis period during which some individuals experience a drop in income and can use their savings to maintain consumption; and a recovery period, when households save to replenish their depleted savings to pre-crisis level. The San Francisco Bay Area is used as a case study, and the impacts of a lockdown are quantified, accounting for the effects of unemployment insurance (UI) and the CARES Act federal stimulus. Assuming a shelter-in-place period of three months, the poverty rate would temporarily increase from 17.1% to 25.9% in the Bay Area in the absence of social protection, and the lowest income earners would suffer the most in relative terms. If fully implemented, the combination of UI and CARES could keep the increase in poverty close to zero, and reduce the average recovery time, for individuals who suffer an income loss, from 11.8 to 6.7 months. However, the severity of the economic impact is spatially heterogeneous, and certain communities are more affected than the average and could take more than a year to recover. Overall, this model is a first step in quantifying the household-level impacts of COVID-19 at a regional scale. This study can be extended to explore the impact of indirect macroeconomic effects, the role of uncertainty in households’ decision-making and the potential effect of simultaneous exogenous shocks (e.g., natural disasters).
has issue date	2020-07-23(xsd:dateTime)
bibo:doi	10.1007/s41885-020-00070-3
bibo:pmid	32838120
has license	no-cc
sha1sum (hex)	8be3ff675f3b24db233e1d0e8214e7d7638a111d
schema:url	https://doi.org/10.1007/s41885-020-00070-3
resource representing a document's title	Socio-Economic Impacts of COVID-19 on Household Consumption and Poverty
has PubMed Central identifier	PMC7376321
has PubMed identifier	32838120
schema:publication	Econ Disaster Clim Chang
resource representing a document's body	covid:8be3ff675f3b24db233e1d0e8214e7d7638a111d#body_text
is schema:about of	named entity 'poverty' named entity 'However' named entity 'step' named entity 'consumption' named entity 'drop' named entity 'EVALUATE' named entity 'COMBINATION' named entity 'LOSS' named entity 'RECOVER' named entity 'INDIRECT' named entity 'THREE MONTHS' named entity 'EFFECTS' named entity 'DUE TO' named entity 'PLACE' named entity 'COMMUNITIES' named entity 'CRISIS' named entity 'COVID-19' named entity 'BUSINESS' named entity 'INSURANCE' named entity 'SAVE' named entity 'savings' named entity 'combination' named entity 'individuals' named entity 'replenish' named entity 'time' named entity 'impacts' named entity 'study' named entity 'exogenous shocks' named entity 'economic shock' named entity 'socio-economic' named entity 'shelter-in-place' named entity 'pre-crisis' named entity 'social-distancing' named entity 'Economics' named entity 'Bay Area' named entity 'savings rate' named entity 'lower-income countries' named entity 'Sonoma County' named entity 'unemployment insurance' named entity 'social benefits' named entity 'COVID-19' named entity '5.4' named entity 'poverty rate' named entity 'poverty rate' named entity 'Bay Area' named entity 'lower income' named entity 'lower income' named entity 'Unemployment insurance' named entity 'Zagreb' named entity 'CARES Act' named entity 'long time' named entity 'poverty rates' named entity 'lognormal distribution' named entity 'GDP' named entity 'quintile' named entity 'Philippines' named entity 'Pew Research Center' named entity 'impact of COVID-19' named entity 'census tract' named entity 'distribution of income' named entity 'unemployment rate' named entity 'warehousing' named entity 'linear function' named entity 'household model' named entity 'well-being' named entity 'smooth consumption' named entity 'shelter-in-place order' named entity 'poverty rates' named entity 'pre-crisis' named entity 'U.S.' named entity 'discount rate' named entity 'Contra Costa' named entity 'exogenous shocks' named entity 'unemployment' named entity 'unemployment benefits' named entity 'Input-Output model' named entity 'consumer spending' named entity 'pre-crisis'

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