DOI: 10.1515/bejeap-2022-0292 ISSN:
The Impact of the CARES Stimulus Payments on COVID-19 Transmission and Mortality
Alicia Atwood, Caitlyn Fleming- Economics, Econometrics and Finance (miscellaneous)
- Economics and Econometrics
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.