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来源类型Working Paper
规范类型报告
DOI10.3386/w27596
来源IDWorking Paper 27596
\"Quick Response\" Economic Stimulus: The Effect of Small-Value Digital Coupons on Spending
Jianwei Xing; Eric Zou; Zhentao Yin; Yong Wang; Zhenhua Li
发表日期2020-07-27
出版年2020
语种英语
摘要We study a new consumption stimulus model that leverages mobile payment platforms to dispense massive amounts of small-value, use-it-this-week-or-lose-it digital coupons. We evaluate the effects of one such program in a large Chinese city using novel data of mobile platform transactions of 1 million program participants. Exploiting participants’ rush to the first-come, first-served digital portal, we compare spending among those who won coupons to those who lost because of minor differences in the timing of their arrival at the portal. We find that coupons generate an immediate increase in weekly consumption among winners by $3 additional out-of-pocket spending for every $1 in government subsidy. Coupon-winning consumers practice intertemporal substitution by moving up purchases that would have been made months in the future. Analysis of business customer flows suggests that coupons distort consumption toward more expensive options, leading the program to disproportionately favor big firms that sell pricier goods and services. Relaxing coupons’ minimum spending requirements would alleviate such distributional concern without sacrificing consumer welfare. We conclude that the coupon model can be a useful addition to policy makers’ stimulus toolbox.
主题Microeconomics ; Households and Firms ; Macroeconomics ; Money and Interest Rates ; Public Economics ; Taxation ; Development and Growth ; Innovation and R& ; D
URLhttps://www.nber.org/papers/w27596
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/585267
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Jianwei Xing,Eric Zou,Zhentao Yin,et al. \"Quick Response\" Economic Stimulus: The Effect of Small-Value Digital Coupons on Spending. 2020.
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