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The Impact of the CARES Stimulus Payments on COVID-19 Transmission and Mortality

Author

Listed:
  • Atwood Alicia

    (Department of Economics, Vassar College, Poughkeepsie, USA)

  • Fleming Caitlyn

    (Cornerstone Research, Menlo Park, USA)

Abstract

In this paper, we study the impact of the Coronavirus Aid, Relief, and Economic Security (CARES) Act economic impact payments to individuals on the spread of COVID-19 and subsequent mortality. There is a large economic literature linking income shocks and mortality. Using an event study approach and controlling for time-varying stay-at-home directives, we find no statistically significant change in confirmed case rates and no meaningful change to death rates from COVID-19. Our research suggests that distributing the individual stimulus payments at the same time to everyone had no effect on the spread of COVID-19.

Suggested Citation

  • Atwood Alicia & Fleming Caitlyn, 2023. "The Impact of the CARES Stimulus Payments on COVID-19 Transmission and Mortality," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 23(4), pages 925-941, October.
    • Handle: RePEc:bpj:bejeap:v:23:y:2023:i:4:p:925-941:n:10
    DOI: 10.1515/bejeap-2022-0292
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    More about this item

    Keywords

    CARES Act; COVID; income shock;
    All these keywords.

    JEL classification:

    • H24 - Public Economics - - Taxation, Subsidies, and Revenue - - - Personal Income and Other Nonbusiness Taxes and Subsidies
    • H31 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Household
    • H53 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Welfare Programs
    • I12 - Health, Education, and Welfare - - Health - - - Health Behavior
    • I14 - Health, Education, and Welfare - - Health - - - Health and Inequality
    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health

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