Did pandemic relief fraud inflate house prices?
研究发现，疫情期间薪资保护计划（PPP）的欺诈行为集中在特定地区，刺激了当地购房，导致高欺诈邮政编码区的房价比同县低欺诈区多涨5.8个百分点，是解释疫情房价上涨的最重要因素之一。
Pandemic fraud is geographically concentrated and stimulated local purchases, with effects on prices. Recipients of fraudulent Paycheck Protection Program (PPP) funds significantly increased their home purchasing rate compared to recipients of non-fraudulent PPP funds, and house prices in high-fraud ZIP codes increased 5.8 percentage points more than in low-fraud ZIP codes within the same county. In a horse race, pandemic fraud is one of the largest and most robust factors explaining house price appreciation during COVID. ZIP codes with fraud also experienced heightened vehicle purchases and other consumer spending in 2020-21, with a return to normal in 2022.