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"Quick Response" Economic Stimulus: The Effect of Small-Value Digital Coupons on Spending

By Jianwei Xing, Eric Yongchen Zou, Zhentao Yin, Yong Wang, and Zhenhua Li

American Economic Journal: Macroeconomics, October 2023

We study a new consumption stimulus program implemented by a large Chinese city that leverages mobile payment platforms to dispense massive amounts of small-value digital coupons. Exploiting a "rush" design of the dispensing process in which over 1 millio...