000			01615nas a2200265Ia 4500
008			241107c99999999xx |||||||||||| ||und||
022			_a0002-8282
100			_aGanong, Peter _9123504
245		0	_aSpending and Job-Finding Impacts of Expanded Unemployment Benefits: Evidence from Administrative Micro Data
260			_bAmerican Economic Review
260			_c2024
300			_a2898-2939
520			_aWe show that the largest increase in unemployment benefits in US history had large spending impacts and small job-finding impacts. This finding has three implications. First, increased benefits were important for explaining aggregate spending dynamics-but not employment dynamics-during the pandemic. Second, benefit expansions allow us to study the MPC of normally low-liquidity households in a high-liquidity state. These households still have high MPCs. This suggests a role for permanent behavioral characteristics, rather than just current liquidity, in driving spending behavior. Third, the mechanisms driving our results imply that temporary benefit supplements are a promising countercyclical tool.
650			_a Aggregate Human Capital _9119520
650			_a Aggregate Labor Productivity _9119521
650			_a Macro-Based Behavioral Economics _9123505
650			_a Severance Pay _9119205
650			_a Unemployment _93282
650			_aMacroeconomics _982965
700			_a Greig, Fiona _9123506
700			_a Noel, Pascal _9123507
700			_a Sullivan, Daniel M. _9123508
700			_a Vavra, Joseph _9123509
856			_uhttps://www.aeaweb.org/articles?id=10.1257/aer.20220973
999			_c134525 _d134525