Raj Chetty on the economic impacts of COVID-19: Real-time evidence from private sector data

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On Wednesday, June 17 at 12:30 PM ET, Raj Chetty joined the Princeton Bendheim Center for Finance to discuss new research that documents the real-time impacts of COVID-19 on people, businesses, and communities using private sector data. Chetty is a Professor of Public Economics at Harvard University. The event began with a brief discussion by Markus Brunnermeier, Director of the Princeton Bendheim Center for Finance. Chetty then presented. Both Brunnermeier and Chetty took questions from the audience.
Learn more about the COVID-19 webinar series organized by Markus Brunnermeier: bcf.princeton.edu/event-direc...
Jump to video chapters:
Markus Brunnermeier introduction: 0:00
Beginning of Chetty presentation: 13:25
Data partners: 17:58
Constructing economic indices based on private-sector data: 19:25
National accounts data: 26:38
Changes in consumer spending: 28:58
Impacts of covid-19 on consumer spending: 30:50
Impacts of covid-19 on business: 39:12
Impacts of covid-19 on employment: 45:14
State ordered re-openings: 50:20
Stimulus payments: 52:55
Loans to small businesses: 59:09
Long term impacts: 1:02:21
Policy implications: 1:04:09
Q&A: 1:07:06

Пікірлер: 16

@klam77 4 жыл бұрын

Great lecture TOC @17:22 1. Data @17:55 2.Impact of Covid @34:27 3. Stabilization successes @48:10 4. Policy IMplication @01:04:11

@zarpeez8887 3 жыл бұрын

As someone who is trying to figure out what they are trying to major in Princeton, as a prospect student in 2021 fall. This is very intriguing. An amazing presentation. 👏🏼

@dianaschmitt783 4 жыл бұрын

Appreciate this great lecture outlining reasons and projections. Thank you.

@virtuallyrealistic 4 жыл бұрын

The ‘Credible’ part is though in this environment. Local media here in San Diego is showing video of how local business is coping. Closing select public roads in front of restaurants to add outdoor seating (it won’t rain here until October). Video of how a dentist office is using new procedures protecting patients and employees. Video of how hotels are cleaning with germicidal mist and using touch less check-in. Your macroeconomic work informs us that credible and convincing focused communication to those individuals making their individual decisions is what is called for. Generally we can expect that the top service spenders are well educated and expect the safety measures to be clear and convincingly communicated. For so many reasons yelling political philosophy from our respective bunkers is not going to be a winning strategy.

@santoshbhattarai2758 4 жыл бұрын

Amazing presentation

@tomfoolery1988 4 жыл бұрын

Prof. Chetty says that we see a jump in spending on April 16, does he mean 15th? I'm a bit confused - I obviously agree that there's no jump April 14, but the jump looks like it's happening the 15th. Am I missing something obvious, or does the stimulus take effect on the day it was released, not the day after?

@JDLeza 4 жыл бұрын

Can 'credible signaling to the public' that its healthy to return to face-to-face consumption apply to the police and racial justice reform political economy interruptions confounding analysis of our trade wars and pandemic interruptions? Can we model that as elegantly as this more pure economic analysis and recommendations?

@philippeiiauguste1101 4 жыл бұрын

31:17 lol, good thing we have so much spatial stratification of income

@am8115 4 жыл бұрын

Do the authors make the assumption that because we've always relied on high income spenders that we should continue to? And if so is there a challenge to this theory?

@philippeiiauguste1101 4 жыл бұрын

In my layman's opinion, he is implicitly arguing that we should depend somewhat less on the rich buying things than we did in the past. The policies he finds to be effective in raising spending, like the stimulus checks, were found to operate disproportionately through raising consumption by low-income people (around the 50 minute mark), but might have helped more if they had been bigger. Then around 1:05:00 he suggests policies targeted towards the poor.

@kevalshah3084 3 жыл бұрын

From the spending data, can we identify rent collection? We're interested in % change in rent collection for different assets office, retail etc.

@bleacherz7503 3 жыл бұрын

Great data, terrible analysis - all that money that the stock rich didn’t spend should jade been taxed to pay for the all the transfer payments to the poor: the stimulus was directed to the rich was wasted