Income, liquidity, and the consumption response to the 2020 economic stimulus payments

S R. Baker, RA Farrokhnia, S Meyer, M Pagel… - Review of …, 2023 - academic.oup.com
The 2020 CARES Act directed large cash payments to households. We analyze households'
spending responses using data from a Fintech nonprofit, exploring heterogeneity by income,
recent income declines, and liquidity as well as linked survey responses about economic
expectations. Households respond rapidly to payments, with spending increasing by about
0.14perdollarduringthefirstweekandplateauinga… 0.25–0.30over3months.
Incontrasttopreviousstimulusprograms,weseelittleresponseofdurablesspending …

[PDF][PDF] Income, liquidity, and the consumption response to the 2020 economic stimulus payments

SR Baker, RA Farrokhnia, S Meyer, M Pagel… - Review of …, 2022 - philadelphiafed.org
▶ We want to understand the full impact at both a household and national levels▶ We are
interested in how households' incomes are affected, how they went about rearranging
spending, and what they did with their CARES Act stimulus checks▶ In order to deal with a
crisis, policy makers have to understand what is happening on the ground
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