Webinar Series

|

Pandemic

|

Jul 2020

Stimulating Consumption at Low Budget: Evidence from a Large-scale Policy Experiment amid the COVID-19 Pandemic

Shu CHEN, Qiao LIU, Qiaowei SHEN, Zhenghua LI
We use a novel panel with detailed transaction records of more than one million de-identified individuals to study the effect of a large-scale Chinese government-issued digital coupon program on consumer spending. At the core of this stimulus program are a set of salient features that drive the marg...
Keywords: COVID-19, fiscal stimulus program, MPC, policy experiment, Chinese digital coupon, behavioral economics
  • View
  • Download
  • Bookmark
  •    |   

AMPF Papers

|

Policy Note

|

May 2024

Still Too Big to Fail?

Beatrice WEDER DI MAURO
After a decade of reforms aimed at ensuring no bank is too-big-to-fail, the collapse of Credit Suisse served as the first real-life test of this framework. A resolution following the international and Swiss too-big-to-fail framework would have involved recapitalizing Credit Suisse by bailing in all ...
  • View
  • Download
  • Bookmark
  •    |   

Senior Fellows/Fellows

|

Senior Fellows/Fellows, Pandemic

|

May 2020

Still the World’s Safe Haven? Redesigning the U.S. Treasury Market After the COVID-19 Crisis

Darrell DUFFIE
I review the functionality of the secondary market for U.S. Treasuries in March 2020, when the Covid-19 crisis triggered investor flows that overwhelmed intermediaries. Although the Fed was able to largely restore market liquidity through its unprecedented rate of Treasury purchases and other action...
Keywords: COVID-19, Pandemic, US Treasury Market
  • View
  • Download
  • Bookmark
  •    |   

Senior Fellows/Fellows

|

Senior Fellows/Fellows, Pandemic

Still the World's Safe Haven? Redesigning the U.S. Treasury Market After the COVID19 Crisis

Darrell DUFFIE
I review the functionality of the secondary market for U.S. Treasuries in March 2020, when the Covid-19 crisis triggered investor flows that overwhelmed intermediaries. Although the Fed was able to largely restore market liquidity through its unprecedented rate of Treasury purchases and other action...
Keywords: COVID-19, Pandemic, market liquidity, Treasury market
  • View
  • Download
  • Bookmark
  •    |   

Senior Fellows/Fellows

|

Senior Fellows/Fellows

Sticky Wages on the Layoff Margin

Steven J. DAVIS, Pawel KROLIKOWSKI
We design and field an innovative survey of unemployment insurance (UI) recipients that yields new insights about wage stickiness on the layoff margin. Most UI recipients express a willingness to accept wage cuts of 5-10 percent to save their jobs, and one third would accept a 25 percent cut. Yet wo...
Keywords: Wage rigidity, sticky wages, layoffs, unemployment insurance, survey of job losers, worker perceptions
  • View
  • Download
  • Bookmark
  •    |