2021.05.14 BK 금요세미나-고강혁 교수님(고려대)
안녕하세요, 경제학과 BK사무실입니다.
경제학과 BK21 교육연구단에서 아래와 같이 금요세미나를 개최합니다.
이번 세미나는 온라인과 오프라인 동시에 진행될 예정입니다. 많은 참여 부탁드립니다.
- 일시 : 2021년 5월 14일 (금) 16:30 - 18:00
- 발표자 : 고강혁 교수님(고려대)
- 장소: 다산경제관 32211호
- 주제 : Do COVID-19 Stimulus Payments Stimulate the Economy? Evidence from Card Transaction Data in South Korea
- 온라인 참석 링크(WebEx) : BK사무실 문의
We analyze the spending impact of South Korea’s COVID-19 stimulus payments, worth up to KRW 1 million (US$887 or ??755) per household, using data on card transactions in Seoul. To catalyze the recovery of sales losses during the COVID-19 outbreak for small businesses, the Korean government restricted the use of stimulus payments to be spent in the province of residence, at establishments in pre-specified sectors. We exploit these unique policy rules to study the spending response to the stimulus payments. We find that the stimulus payments discontinuously increased Seoul residents’ offline card spending by 21.6% one week after the disbursement, and the positive impact dissipated over the following six weeks in allowed sectors and areas. The implied marginal propensity to consume out of the stimulus payments was 24%. The estimated spending responses to the stimulus payments were weaker in areas with higher average income and more cumulative COVID-19 cases. We also find that the stimulus payments flowed more to the sectors and areas that suffered less during the pandemic.