The impact of unexpected delays in periodic payments on consumption
利用失业保险金发放延迟的准自然实验，发现等待期间消费下降约为收入损失的一半，且收到一次性补发后支出转向耐用品，揭示了定期支付对流动性受限人群的价值。
We study how unexpected delays in periodic payments affect spending behavior. Our empirical approach uses transaction-level data on income and spending and exploits quasi-random delays in the receipt of unemployment insurance (UI) benefits. Spending drops by about half of the loss in income that occurs while individuals wait for UI benefits, revealing the value of periodic payments for liquidity-constrained individuals. Once delayed payments are received as lump sums, individuals reallocate spending toward less commonly purchased big-ticket categories that are dominated by durables. • We study how unexpected delays in periodic payments affect spending behavior. • UI benefits were delayed for many people during the COVID-19 pandemic. • Spending drops by about half of the loss in income when people wait for UI. • Spending shifts towards durables when delayed UI benefits are received as lump sums. • Our findings inform the discussion on the optimal frequency of benefit transfers.