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Spending Effects of Child-related Fiscal Transfers
Olga Goldfayn-Frank
Vivien Lewis
Nils Wehrhöfer
出版
Centre for Economic Policy Research
, 2022
ISBN
3957298970
9783957298973
URL
http://books.google.com.hk/books?id=P83yzgEACAAJ&hl=&source=gbs_api
註釋
As part of Germany's fiscal response to the Covid-19 pandemic, parents received three payments totalling 450 euros per child. Randomization in the payment dates and daily spending data allow us to identify the effects of these transfers on household spending. We find a significant but small spending effect of the first transfer, with an estimated marginal propensity to consume between 9.5% and 11.1%. The effect is higher for low-income and liquidity-constrained households, and in areas with lower infection rates. The second and third payment failed to increase spending. Our results indicate that the child bonus was redistributive rather than stimulative.
