Fragmented by policies, united by outcomes: This is the picture of the United States that emerges from our analysis of the spatial diffusion of COVID-19 and the scattered lock-down policies introduced by individual states to contain it. We first use spatial econometric techniques to document...

This paper tests for the direct wealth effect versus an indirect wealth effect in aggregate data on U.S. households over four distinct sub-periods from 1952 through 2011. We use recent time series techniques to distinguish between the direct wealth effect from indirect channels which may operate...