ArticleJournal of economic behavior & organization2021
Consumption responses to COVID-19 payments: Evidence from a natural experiment and bank account data.
Article in Journal of economic behavior & organization, 2021. The graph could read no effect estimate from its abstract, so it casts no vote on the map. Cited by 17 papers.
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Who cites it
17 citing papers in PubMed.
- The emotional cost of containment: a cross-sectional analysis of treatment effects among informal carers in South Asia during the COVID-19 pandemic.Global health action · 2025Article
- Scoping review of countries' practices missed by health emergency preparedness and response quantitative tools: COVID-19 and Ebola response experiences.BMJ public health · 2024Article
- Health and non-health benefits and equity impacts of individual-level economic relief programs during epidemics/pandemics in high income settings: a scoping review.BMC public health · 2024Article
- Analyzing the impact of COVID-19 on consumption behaviors through recession and recovery patterns.Scientific reports · 2024Article
- Elections and COVID-19 benefit payments.Journal of Asian economics · 2023Article
- Spend as you were told: Evidence from labeled COVID-19 stimulus payments in South Korea.Journal of public economics · 2023Article
- How effective are universal payments for raising consumption? Evidence from a natural experiment.Empirical economics · 2023Article
- Expenditure responses to the COVID-19 pandemic.Japan and the world economy · 2023Article
- Determinants of early-access to retirement savings: Lessons from the COVID-19 pandemic.Journal of the economics of ageing · 2023Article
- The response of household debt to COVID-19 using a neural networks VAR in OECD.Empirical economics · 2022Article
- Can relief measures nudge compliance in a public health crisis? Evidence from a kinked fiscal policy rule.Journal of economic behavior & organization · 2022Article
- The COVID-19 pandemic, consumption and sovereign credit risk: Cross-country evidence.Economic modelling · 2022Article
- The Impact of Digital Economy on the Economic Growth and the Development Strategies in the post-COVID-19 Era: Evidence From Countries Along the "Belt and Road".Frontiers in public health · 2022Article
- Consumption responses to COVID-19 payments: Evidence from a natural experiment and bank account data.Journal of economic behavior & organization · 2021Article
- The macroeconomics of COVID-19 exit strategy: the case of Japan.Japanese economic review (Oxford, England) · 2021Article
- Describing the impacts of COVID-19 on the labor market in Japan until June 2020.Japanese economic review (Oxford, England) · 2021Article
- Who spent their COVID-19 stimulus payment? Evidence from personal finance software in Japan.Japanese economic review (Oxford, England) · 2021Article
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Authors and funding
3 authors.
Funding
No grant is acknowledged in the PubMed record.
Abstract
We document households' spending responses to a stimulus payment in Japan during the COVID-19 pandemic. In response to the pandemic, the Japanese government launched a universal cash entitlement program offering a sizable lump sum of money to all residents to alleviate the financial burden of the pandemic on households. The timings of cash deposits varied substantially across households due to unexpected delays in administrative procedures. Using a unique panel of 2.8 million bank accounts, we find an immediate jump in spending during the week of payments, followed by moderately elevated levels of spending that persist for more than one month after payments are received. We also document sizable heterogeneity in consumption responses by recipients' financial status and demographic characteristics. In particular, demand deposit balances play a more crucial role than other financial asset holdings, suggesting the importance of the wealthy hand-to-mouth.
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