NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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How Does Household Spending Respond to an Epidemic? Consumption During the 2020 COVID-19 Pandemic

Scott R. Baker, R.A. Farrokhnia, Steffen Meyer, Michaela Pagel, Constantine Yannelis

NBER Working Paper No. 26949
Issued in April 2020

---- Acknowledgments ----

The authors wish to thank Sylvain Catherine, Caroline Hoxby, Ralph Koijen, Amir Sufi, Pietro Veronesi, Rob Vishny and Neil Ning Yu for helpful discussions and comments. Constantine Yannelis is grateful to the Fama Miller Center for generous financial support. R.A. Farrokhnia is grateful to Advanced Projects and Applied Research in Fintech at Columbia Business School for support. We are grateful to Suwen Ge, Sypros Kypraios, Sharada Sridhar, George Voulgaris and Jun Xu for excellent research assistance. This draft is preliminary and comments are welcome. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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