国际货币基金组织：新冠肺炎期间收入支持政策对消费影响的微观证据（英文版）

Income-support policies can boost consumption during a catastrophic episode like the COVID-19 pandemic. Using data on Chilean municipalities, we investigate the impact on private consumption of income-support policies, such as lump-sum transfers and withdrawals of funds from the contributors’ mandatory pension accounts. We find that both emergency income and pension withdrawals had statistically significant effects with an estimated average marginal propensity to consume of about 20 percent.