| Title | "Who Spent COVID-19 Stimulus Payment? Evidence from Personal Finance Software in Japan" (co-authored with So Kubota and Satoshi Tanaka) |
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| Date | 2021年4月19日（月）April 19, 2022, 10:30-12:00 |
| Venue | Zoomを利用したオンラインでの開催（事前登録制）です。 登録方法等の詳細はミクロ実証分析ワークショップのウェブサイトをご確認ください。 Online seminar by Zoom (registration required): Please see the website below for details. Empirical Micro Research Seminar Website |
| Speaker | Michiru Kaneda (Money Forward Lab) |
| Abstract | We study the household consumption responses to the Japan’s unconditional cash transfer program reacting to the COVID-19 crisis. Due to frequent delays in local governments’ administrative procedures, the timing of the payment to households unexpectedly varied. With this natural experiment, we analyze households’ consumption responses to the cash transfer using high-frequency data from a personal finance management software that links detailed information on expenditure, income, and wealth. We construct three consumption measures: one captures the baseline marginal propensity to consume (MPC), and the other two are for the lower and the upper bound of the MPC. All exhibit immediate and non-negligible positive responses in household expenditure. We also explore heterogeneity in MPCs by households’ income, wealth, and population characteristics, as well as consumption categories. Our results provide implications for counterfactual targeted cash transfer programs, conditioning on labor income and liquidity constraint. |
| Information | 英語での発表となります（Presentation in English） 主催：ミクロ実証ワークショップ |