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A wide body of empirical evidence finds that around 25 percent of fiscal stimulus payments (e.g., tax rebates) are spent on nondurable household consumption in the quarter that they are received. To interpret this fact, we develop a structural economic model where households can hold two assets:...
Persistent link: https://www.econbiz.de/10012461320
Using the Consumer Expenditure Survey and variation in amount, receipt, and timing of receipt of Economic Impact Payments (EIPs) authorized by the CARES Act, this paper estimates that people spent less of their EIPs in the few months following arrival than in similar previous policy episodes and...
Persistent link: https://www.econbiz.de/10012814423
The COVID-19 pandemic led to stark reductions in economic activity in India. We employ CMIE's Consumer Pyramids Household Survey to examine the timing, distribution, and mechanism of the impacts from this shock on income and consumption through December 2020. First, we estimate large and...
Persistent link: https://www.econbiz.de/10012585419
We use U.S. household-level bank account data to investigate the heterogeneous effects of the pandemic on spending and savings. Households across the income distribution all cut spending from March to early April. Since mid April, spending has rebounded most rapidly for low-income households. We...
Persistent link: https://www.econbiz.de/10012481470
We investigate how the coronavirus pandemic affected the demand for online food shopping services using data from the …
Persistent link: https://www.econbiz.de/10012481622
We build a publicly available platform that tracks economic activity at a granular level in real time using anonymized data from private companies. We report daily statistics on consumer spending, business revenues, employment rates, and other key indicators disaggregated by county, industry,...
Persistent link: https://www.econbiz.de/10012481626
The 2020 CARES Act directed large cash payments to households. We analyze house-holds' spending responses using high-frequency transaction data from a Fintech non-profit, exploring heterogeneity by income levels, recent income declines, and liquidity as well as linked survey responses about...
Persistent link: https://www.econbiz.de/10012481681
Using novel scenario-based survey questions that randomize the expected duration of the Russian invasion of Ukraine and Middle East conflict, we examine the causal impact of geopolitical risk on consumers' beliefs about aggregate economic conditions and their own financial outlook. Expecting a...
Persistent link: https://www.econbiz.de/10015450949
We examine how consumption responds to changes in sentiment regarding government economic policy using cross-sectional variation across counties in the ideological predisposition of constituents. When the incumbent party loses a presidential election, individuals in counties more ideologically...
Persistent link: https://www.econbiz.de/10012457351
The 2009 Cash for Clunkers program aimed to stimulate consumer spending in the new automobile industry, which was experiencing disproportionate reductions in demand and employment during the Great Recession. Exploiting program eligibility criteria in a regression discontinuity design, we show...
Persistent link: https://www.econbiz.de/10012458318