Simone Emiliozzi , Concetta Rondinelli , Stefania Villa
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Abstract
This study examines the impact of the first wave of the COVID-19 pandemic on Italian consumer spending. Using a novel high-frequency dataset of credit card transactions and an event study approach, we analyze changes in spending behavior across expenditure categories and regions. We find that total transactions dropped by more than 50% during the national lockdown, with steeper declines in high-contact sectors and earlier contractions in Northern regions due to tighter initial restrictions. These results demonstrate the ability of high-frequency data to detect rapid shifts in consumer behavior and the importance of timely policy interventions in response to extreme events.
期刊介绍：
Economic Modelling fills a major gap in the economics literature, providing a single source of both theoretical and applied papers on economic modelling. The journal prime objective is to provide an international review of the state-of-the-art in economic modelling. Economic Modelling publishes the complete versions of many large-scale models of industrially advanced economies which have been developed for policy analysis. Examples are the Bank of England Model and the US Federal Reserve Board Model which had hitherto been unpublished. As individual models are revised and updated, the journal publishes subsequent papers dealing with these revisions, so keeping its readers as up to date as possible.
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