Webinar Series

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Pandemic

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Jul 2020

Stimulating Consumption at Low Budget: Evidence from a Large-scale Policy Experiment amid the COVID-19 Pandemic

Shu CHEN, Qiao LIU, Qiaowei SHEN, Zhenghua LI
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 marg...
Keywords: COVID-19, fiscal stimulus program, MPC, policy experiment, Chinese digital coupon, behavioral economics
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Webinar Series

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Pandemic

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Jun 2020

Gender Equality in Work and COVID-19 Deaths

Renee B. ADAMS
On average, women comprise a smaller share of deaths from Covid-19. Variation in the share of Covid-19 deaths for women across countries and US States suggests that biological factors cannot fully account for this gender difference. I hypothesize that women’s participation in the workforce is rela...
Keywords: COVID-19, Death, gender, Work, Equality, Doctors, Nurses, labor Force Participation
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Webinar Series

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Pandemic

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May 2020

Income, Liquidity, and the Consumption Response to the 2020 Economic Stimulus Payments

Scott R. BAKER, Steffen MEYER, R.A. FARROKHNIA, Michaela PAGEL, Constantine YANNELIS
In response to the ongoing COVID-19 pandemic, the US government brought about a collection of fiscal stimulus measures: the 2020 CARES Act. We study direct payments to households starting in April 2020 using high-frequency transaction data. We explore the response of household spending to these stim...
Keywords: Consumption, COVID-19, Stimulus, MPC, Household Finance, transaction data
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Webinar Series

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Pandemic

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May 2020

The Cost of Privacy: Welfare Effects of the Disclosure of COVID-19 Cases

Chang-Tai HSIEH, David ARGENTE, Munseob LEE
South Korea publicly disclosed detailed location information of individuals that tested positive for COVID-19. We quantify the effect of public disclosure on the transmission of the virus and economic losses in Seoul. We use detailed foot-traffic data from South Korea’s largest mobile phone compan...
Keywords: COVID-19, Privacy, Welfare effects
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Webinar Series

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Pandemic

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May 2020

Macroeconomic Implications of COVID-19: Can Negative Supply Shocks Cause Demand Shortages?

Veronica GUERRIERI, Guido LORENZONI, Ludwig STRAUB, Iván WERNING
We present a theory of Keynesian supply shocks: supply shocks that trigger changes in aggregate demand larger than the shocks themselves. We argue that the economic shocks associated to the COVID-19 epidemic—shutdowns, layoffs, and firm exits—may have this feature. In one-sector economies supply...
Keywords: 2019-nCoVCOVID-19, Disease Outbreak, Supply Shocks, Demand Shortages, Macroeconomic Implications
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