Advanced Simulations for Industrial Plasma Applications

Kim, S. J.; Iza, Felipe; Babaeva, Natalia Yu; Lee, S. H.; Lee, H. J.; Lee, J. K.

doi:10.1002/9783527622184.ch3

Cited by 1 publication

(2 citation statements)

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“…Using transaction-level data from Alipay e-wallet, they observe strikingly high MPCs of 3.4 to 5.8, which they attribute to consumers’ behavioral reactions. Kim and Lee (2020) examine a household consumption voucher initiative in South Korea, and find that most survey respondents planned to spend more on necessities.…”

Section: Introductionmentioning

confidence: 99%

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Consumption responses to COVID-19 payments: Evidence from a natural experiment and bank account data

Kubota

Onishi

Toyama

2021

Journal of Economic Behavior & Organization

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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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Section: Introductionmentioning

confidence: 99%

“… 10 South Korea’s universal COVID-19 financial relief program issued vouchers ( Kim and Lee (2020) ), but, the amount was small ($83 to $332 USD per person) and depended on household size and municipality of residence. Vouchers could be used only within a household’s region of residence, except for bars, clubs, online stores, and large retailers.…”

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confidence: 99%