Quick Response Economic Stimulus: The Effect of Small-Value Digital Coupons on Spendingt

• 成果类型: Article
• 署名作者: Xing, Jianwei; Zou, Eric Yongchen; Yin, Zhentao; Wang, Yong; Li, Zhenhua
• 署名单位: Peking University; Peking University; University of Michigan System; University of Michigan; National Bureau of Economic Research; Chinese Academy of Social Sciences
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20210148
• 发表日期: 2023
• 页码: 249-304
• 关键词: consumption; payments; BEHAVIOR; models; IMPACT; sales; debt

摘要

We study a new consumption stimulus program implemented by a large Chinese city that leverages mobile payment platforms to dis-pense massive amounts of small-value digital coupons. Exploiting a rush design of the dispensing process in which over 1 million pro-gram participants compete for coupons on a first-come, first-served basis through a digital portal, we estimate that winning coupons increases weekly out-of-pocket spending by US$3 for every US$1 in government subsidy. Coupon-winning consumers practice inter -temporal substitution by moving up purchases that would have been made four months in the future. Customer flow analysis suggests that coupons distort consumption toward pricier options. (JEL D15, E21, E42, H71,O18, P25, P36)