2023-09-28 14:46:10 +00:00
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abstract: 'G. Montalvo and Marta Reynal-Querol?>Official statistics on economic
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inequality are only available at low frequency and with considerable
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delay. This makes it challenging to assess the impact on inequality of
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fast-unfolding crises like the COVID-19 pandemic, and to rapidly
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evaluate and tailor policy responses. We propose a new methodology to
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track income inequality at high frequency using anonymized data from
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bank records for over three million account holders in Spain. Using this
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approach, we analyse how inequality evolved between February and
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November 2020 (compared to the same months of 2019). We first show that
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the wage distribution in our data matches very closely that from
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official labour surveys. We then document that, in the absence of
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government intervention, inequality would have increased dramatically,
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mainly due to job losses and wage cuts experienced by low-wage workers.
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The increase in pre-transfer inequality was especially pronounced among
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the young and the foreign-born, and in regions more dependent on
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services. Public transfers and unemployment insurance schemes were
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effective at providing a safety net to the most affected segments of the
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population and at offsetting most of the increase in inequality.
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Increased inequality is primarily driven by differential changes in
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employment rate. Indeed, using individual-level regressions, we find
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that, over the course of the pandemic, the probability of being employed
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decreased drastically for workers in the lower part of the pre-COVID
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wage distribution, young cohorts and foreign-born.'
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affiliation: 'Aspachs, O (Corresponding Author), Caixabank Res, Lisbon, Portugal.
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Aspachs, Oriol, Caixabank Res, Lisbon, Portugal.
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ICREA UPF, Pamplona, Spain.
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BSE, Barcelona, Spain.
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IPEG, Barcelona, Spain.
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CESifo, Munich, Germany.
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UPF, Pamplona, Spain.
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CEPR, Washington, DC USA.'
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author: Aspachs, Oriol and Durante, Ruben and Graziano, Alberto and Mestres, Josep
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and Montalvo, Jose G. and Reynal-Querol, Marta
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author_list:
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- family: Aspachs
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given: Oriol
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- family: Durante
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given: Ruben
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- family: Graziano
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given: Alberto
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- family: Mestres
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given: Josep
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- family: Montalvo
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given: Jose G.
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- family: Reynal-Querol
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given: Marta
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da: '2023-09-28'
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doi: 10.1093/epolic/eiac008
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earlyaccessdate: FEB 2022
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eissn: 1468-0327
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files: []
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issn: 0266-4658
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journal: ECONOMIC POLICY
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keywords: D63; E24; J31
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language: English
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month: MAR 3
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number: 109, SI
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number-of-cited-references: '25'
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orcid-numbers: Montalvo, Jose G./0000-0003-4161-5055
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pages: 165-199
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papis_id: 30b123305cbf04777ea181d5e6f6e9b4
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ref: Aspachs2022realtimeinequality
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researcherid-numbers: Montalvo, Jose G./D-6731-2013
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times-cited: '7'
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title: 'Real-time inequality and the welfare state in motion: evidence from COVID-19
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in Spain'
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2023-10-01 08:15:07 +00:00
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type: article
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2023-09-28 14:46:10 +00:00
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unique-id: WOS:000763590900001
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usage-count-last-180-days: '0'
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usage-count-since-2013: '7'
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volume: '37'
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web-of-science-categories: Economics
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year: '2022'
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