Discussion Paper
The Unusual Composition of Demand during the Pandemic
Abstract: In most recessions, household spending on goods—particularly durables—and housing tends to fall sharply and remain weak for many quarters. In contrast, services spending has generally responded little to business cycles. This time, however, the opposite has occurred, as shown in Figure 1.
https://doi.org/10.17016/2380-7172.2831
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Bibliographic Information
Provider: Board of Governors of the Federal Reserve System (U.S.)
Part of Series: FEDS Notes
Publication Date: 2021-01-14
Number: 2021-01-14