This paper introduces the Consumer Expectations Survey (CES), a new online, high frequency panel survey of euro area consumers' expectations and behaviour. The paper also investigates whether public perceptions about fiscal support measures introduced during the pandemic have influenced spending...

The empirical effectiveness of economic policies that operate theoretically through similar channels differs substantially. We document this fact by comparing an easy-to-grasp expectations-based policy, unconventional fiscal policy, with a policy whose implications are harder to understand by...

The Great Recession and the years that followed witnessed a dramatic expansion in the duration of unemployment insurance (UI) benefits available to unemployed workers in the United States. An important motivation for this policy was to stimulate demand by transferring funds to households that...

Prospective economic developments depend on the behavior of consumer spending. A key question is whether private expenditures recover once social distancing restrictions are lifted or whether the COVID-19 crisis had a sustained impact on consumer confidence, preferences, and hence, spending. The...

This paper provides an extensive analysis of card spending during the COVID-19 pandemic in Turkey by using weekly aggregated and sectoral credit and debit card spending data from March 2014 to December 2020. At an aggregated level, we show that aggregate demand decreases significantly at the...

This paper examines the impact of the regional cash subsidies which were granted in some districts in addition to the national universal stimulus payment in South Korea related to the COVID-19 pandemic. We evaluate the effects of the cash distribution per resident on aggregate credit and debit...

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...

This paper examines the impact of the regional cash subsidies which were granted in some districts in addition to the national universal stimulus payment in South Korea related to the COVID-19 pandemic. We evaluate the effects of the cash distribution per resident on aggregate credit and debit...

Using a survey on consumer expenditure in Japan, this study examines how the fear of COVID-19 contagion influences consumer expenditure patterns. We show that the consumption expenditure responses to the spread of the COVID-19 pandemic are significantly heterogeneous across generations. We find...

We use a novel panel with detailed transaction records of more than one million de-identified individuals to study the effect of a large-scale Chinese government-issued digital coupon program on consumer spending. At the core of this stimulus program are a set of salient features that drive the...