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发现
- 去找1新型冠状病毒肺炎期间实施的UI补充 prevented spending declines for the majority of people who lost their job, providing valuable support to the economy as overall demand was contracting sharply. This pattern contrasts with the sizable spending cuts observed for households experiencing unemployment in the Great Recession and subsequent expansion.
- 去找2Estimates of the propensity to spend out of UI payments are relatively stable over different economic environments.
- 去找3相比之下, we find stark differences in the spending response to income changes across households with different liquidity buffers; households with lower cash balances are more likely to experience sharp spending drops after job loss.
- 去找4黑色的 和Latinx households cut their spending to a greater extent than White families when faced with job loss, partially explained by their lower cash buffers and indicators of wealth.
下载
2021年8月
The financial consequences of a family experiencing job loss for can vary widely. This report examines factors that drive the spending response during unemployment across households of different characteristics and over time. We leverage an expanded dataset that dates back to 2007, covering over 2 million job loss events and allowing a perspective that spans the Great Recession, 扩张期, 以及新型冠状病毒肺炎的衰退.
我们的数据显示了家庭特征, 比如流动性和种族, play a much larger role in explaining the consumption response to job loss than business cycle or local labor market conditions. Low-liquidity households are most prone to sharp spending declines after income drops, suggesting that targeting can be a useful way to support current consumption levels for financially vulnerable households. We also find that the tendency to spend out of unemployment insurance (UI) payments is fairly stable over disparate economic conditions. This implies that countercyclical payment levels could enhance the role of UI in supporting aggregate demand during recessions, because it channels government stimulus to the people most likely to spend.
The report is organized around four 发现, which are summarized below.
找到一个: 新型冠状病毒肺炎期间实施的UI补充 prevented spending declines for the majority of people who lost their job, providing valuable support to the economy as overall demand was contracting sharply. This pattern contrasts with the sizable spending cuts observed for households experiencing unemployment in the Great Recession and subsequent expansion.
发现二: Estimates of the propensity to spend out of UI payments are relatively stable over different economic environments.
发现三: 相比之下, we find stark differences in the spending response to income changes across households with different liquidity buffers; households with lower cash balances are more likely to experience sharp spending drops after job loss.
发现四: 黑色的 和Latinx households cut their spending to a greater extent than White families when faced with job loss, partially explained by their lower cash buffers and indicators of wealth.
