IMF-远不止一针强心针：疫苗和消费者支出（英）-2023.4-15页.pdf

Far More Than a Shot in the Arm: Vaccines and Consumer Spending Serhan Cevik WP/23/81 2023 APR © 2023 International Monetary Fund WP/23/81 IMF Working Paper European Department Far More Than a Shot in the Arm: Vaccines and Consumer Spending Prepared by Serhan Cevik1 Authorized for distribution by Bernardin Akitoby April 2023 IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. Abstract The spread of the COVID-19 pandemic and government interventions have reshaped economic activity with abrupt changes in household consumption behavior across the world. This paper provides an empirical investigation of how the COVID-19 vaccine rollout has affected consumer spending at daily frequency using debit and credit card transactions in three European countries. Empirical results show that COVID-19 vaccinations, along with other policy interventions, have mitigated the severe negative impact of the pandemic and boosted consumer spending. First, the vaccination deployment has a statistically and economically significant positive effect on private consumption. Second, other policy responses to the pandemic—designed to contain the spread of the virus and provide support to businesses and households—have significant effects on the amount and composition of debit and credit card transactions. Third, the impact of COVID-19 vaccinations in terms of stimulating consumer