Employment and Consumption Responses to the Withdrawal of Unemployment Benefits
研究美国疫情期间两项慷慨失业救济金到期的影响，发现救济金退出增加了失业者就业，但约一半是重返原岗位，且就业质量下降，年轻求职者被挤出，非必要消费略有减少。
The authors study the responses to the withdrawal of two generous unemployment benefit (UB) schemes introduced in the United States during the COVID-19 pandemic, exploiting variations across states in the timing of the policy change. Using data from the Current Population Survey, they find that the expiration of UBs increased unemployment-to-employment transitions. However, approximately half of this effect was driven by job recalls. Evidence also shows that unemployed individuals transitioned into lower quality jobs, compared to their previous occupations, and that young job seekers not eligible for UBs were displaced by increased job-search competition. Using both survey and transaction data, the authors also provide complementary evidence on the consumption effects of the policy change. They document a small reduction in consumption after the withdrawal of pandemic UBs for some non-necessary spending categories.