The COVID-19 pandemic seemingly appeared out of nowhere but changed nearly everything. As the pandemic unfolded, industries deemed nonessential were leveled. Many occupations in these industries are low-wage, and women constitute a greater share of America's low-wage labor force than men. Even...

"Recent fiscal policies have aimed to stimulate household spending. In 2008, most households received one-time economic stimulus payments. In 2009, most working households received the Making Work Pay tax credit in the form of reduced withholding; other households, mainly retirees, received...

English Abstract: This paper explores the heterogeneous effects of monetary policy on consumption between workers and retirees. Using household-level data from the U.S., Italy, Japan and Korea, we first show that the consumption of retirees responds less sensitively to monetary policy shocks...