@article{THESIS,
      recid = {3161},
      author = {Yuan, Zhen},
      title = {Impact of Cares Act Stimulus on Consumption: Evidence from  Zip Code Level Transactions},
      publisher = {University of Chicago},
      school = {M.A.},
      address = {2021-08},
      number = {THESIS},
      abstract = {We study the causal effect of the CARES Act on consumer  expenditure during the Covid-19 pandemic with the Facteus  data set. We use the transaction data at the Zip code level  of over twelve million bank cards in eighteen central  states to estimate the treatment effect of the stimulus.  This question is identified because of the geographic and  temporal variation in receiving the deposit across Zip  codes. Our empirical findings suggest that in the first  weekend receiving the stimulus, the overall spending  increase by 53%. In particular, the expenditure on  essential and financial categories increases by 62% and  76%. Unlike the tax rebates in 2001 and economic stimulus  payments in 2008, people spend most of the payments on  non-durable goods and services such as grocery, utility,  money order, Etc. The estimated effect is substantial for  districts with lower education, lower white ratio, and  higher poverty, where poverty generates the most striking  heterogeneity.},
      url = {http://knowledge.uchicago.edu/record/3161},
      doi = {https://doi.org/10.6082/uchicago.3161},
}