TY - BOOK ID - 135643877 TI - Far More Than a Shot in the Arm: Vaccines and Consumer Spending PY - 2023 SN - 9798400241062 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Macroeconomics KW - Economics: General KW - Diseases: Contagious KW - Vaccinations KW - Money and Monetary Policy KW - Consumer Economics: Empirical Analysis KW - Market Structure and Pricing: Oligopoly and Other Forms of Market Imperfection KW - Criteria for Decision-Making under Risk and Uncertainty KW - Expectations KW - Speculations KW - Macroeconomics: Consumption KW - Saving KW - Wealth KW - Business Fluctuations KW - Cycles KW - Monetary Policy KW - Health: General KW - Production, Pricing, and Market Structure KW - Size Distribution of Firms KW - Climate KW - Natural Disasters and Their Management KW - Global Warming KW - Health Behavior KW - Health: Government Policy KW - Regulation KW - Public Health KW - Monetary Policy, Central Banking, and the Supply of Money and Credit: General KW - Urban, Rural, and Regional Economics: Household Analysis: General KW - Economic & financial crises & disasters KW - Economics of specific sectors KW - Infectious & contagious diseases KW - Vaccination KW - Monetary economics KW - Health economics KW - Health KW - Money KW - National accounts KW - Currency crises KW - Informal sector KW - Economics KW - Communicable diseases KW - Consumer credit KW - Consumption UR - https://www.unicat.be/uniCat?func=search&query=sysid:135643877 AB - The spread of the COVID-19 pandemic and government interventions have reshaped economic activity with abrupt changes in household consumption behavior across the world. This paper provides an empirical investigation of how the COVID-19 vaccine rollout has affected consumer spending at daily frequency using debit and credit card transactions in three European countries. Empirical results show that COVID-19 vaccinations, along with other policy interventions, have mitigated the severe negative impact of the pandemic and boosted consumer spending. First, the vaccination deployment has a statistically and economically significant positive effect on private consumption. Second, other policy responses to the pandemic—designed to contain the spread of the virus and provide support to businesses and households—have significant effects on the amount and composition of debit and credit card transactions. Third, the impact of COVID-19 vaccinations in terms of stimulating consumer spending appears to be more pronounced on contact-intensive sectors such as services than goods. ER -