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

Atwood Alicia () and Fleming Caitlyn ()
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Atwood Alicia: Department of Economics, Vassar College, Poughkeepsie, USA
Fleming Caitlyn: Cornerstone Research, Menlo Park, USA

The B.E. Journal of Economic Analysis & Policy, 2023, vol. 23, issue 4, 925-941

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.

Keywords: CARES Act; COVID; income shock (search for similar items in EconPapers)
JEL-codes: H24 H31 H53 I12 I14 I18 (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1515/bejeap-2022-0292

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