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The economic impact of the first wave of the pandemic on 50+ Europeans

Author

Listed:
  • Andrea Bonfatti

    (Padua University and Prometeia)

  • Greta Pesaresi

    (Padua University)

  • Guglielmo Weber

    (Padua University and IFS)

  • Nancy Zambon

    (Padua University)

Abstract

We analyse the effects of the first wave of the COVID-19 crisis on the economic situation of 50+ Europeans. We construct a financial distress indicator that captures experiencing an income loss, difficulties to make ends meet and the need to postpone payments. We find that education and income before the pandemic has a protective role, and so does being past retirement age. For households under retirement age, instead, the pandemic has exacerbated inequalities. We also investigate whether households report worse difficulties in making ends meet compared to the pre-COVID-19 period. We show that their ability to make ends meet worsens more with income losses during the pandemic compared to losses experienced in the two-year period before the pandemic.

Suggested Citation

  • Andrea Bonfatti & Greta Pesaresi & Guglielmo Weber & Nancy Zambon, 2023. "The economic impact of the first wave of the pandemic on 50+ Europeans," Empirical Economics, Springer, vol. 65(2), pages 607-659, August.
    • Handle: RePEc:spr:empeco:v:65:y:2023:i:2:d:10.1007_s00181-022-02349-8
    DOI: 10.1007/s00181-022-02349-8
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    References listed on IDEAS

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    More about this item

    Keywords

    COVID-19; SHARE; Financial distress; Household economic conditions;
    All these keywords.

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • I32 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Measurement and Analysis of Poverty

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