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- Faculty Publications (4)
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- All HBS Web (20)
- Faculty Publications (4)
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- 2022
- Working Paper
Stock Market Stimulus
By: Robin Greenwood, Toomas Laarits and Jeffrey Wurgler
We study the stock market effects of the arrival of the three rounds of “stimulus checks” to U.S. taxpayers and the single round of direct payments to Hong Kong citizens. The first two rounds of U.S. checks appear to have increased retail buying and share prices of... View Details
Keywords: Stock Market; COVID-19 Pandemic; Fiscal Stimulus; Stimulus Payments; Impact; Stocks; System Shocks; Price; Spending; United States; Hong Kong; China
Greenwood, Robin, Toomas Laarits, and Jeffrey Wurgler. "Stock Market Stimulus." NBER Working Paper Series, No. 29827, March 2022. (Revised November 2022.)
- October 2023
- Article
Stock Market Stimulus
By: Robin Greenwood, Toomas Laarits and Jeffrey Wurgler
We study the stock market effects of the arrival of the three rounds of “stimulus checks” to U.S. taxpayers and the single round of direct payments to Hong Kong citizens. The first two rounds of U.S. checks appear to have increased retail buying and share prices of... View Details
Keywords: Stock Market; COVID-19 Pandemic; Fiscal Stimulus; Stimulus Payments; Impact; Stocks; System Shocks; Price; Spending; United States; Hong Kong
Greenwood, Robin, Toomas Laarits, and Jeffrey Wurgler. "Stock Market Stimulus." Review of Financial Studies 36, no. 10 (October 2023): 4082–4112. (Also NBER Working Paper Series, No. 29827, January 2023.)
- 21 Jul 2022
- Research & Ideas
Did Pandemic Stimulus Funds Spur the Rise of 'Meme Stocks'?
jumped after the first two stimulus payments hit in April 2020 and January 2021, driven by retail investor buying, says research by Harvard Business School Professor Robin Greenwood. "We've been through this... View Details
- 29 May 2006
- What Do You Think?
How Important Is the “Service Sector Effect” on Productivity?
concerning the accounting and payment for work and failure to provide healthcare. All of this raises a number of questions. In the cost-driven U.S. service economy, are benefits to workers being sacrificed in the name of lower-cost... View Details
- 2023
- Working Paper
Saving and Consumption Responses to Student Loan Forbearance
By: Justin Katz
How do households adjust savings and consumption in response to liquidity from debt relief? I study this question using policy variation induced by federal student loan forbearance in the 2020 CARES Act and an individual-level panel of daily financial transactions
for... View Details
Keywords: Saving; Consumer Behavior; Borrowing and Debt; Interest Rates; Financial Liquidity; Personal Finance; Government Legislation
Katz, Justin. "Saving and Consumption Responses to Student Loan Forbearance." SSRN Working Paper Series, January 2023.
- 17 Aug 2023
- Research & Ideas
‘Not a Bunch of Weirdos’: Why Mainstream Investors Buy Crypto
checking accounts. Moreover, these investors are drawn by the lure of potentially higher returns in a “lottery-style payoff” than investors expect with traditional investments. Plus, the COVID-19 stimulus money led new investors to... View Details
Keywords: by Ben Rand
- 21 Nov 2022
- Research & Ideas
Buy Now, Pay Later: How Retail's Hot Feature Hurts Low-Income Shoppers
with Gen Z shoppers in their teens and 20s. The payment method made up $97 billion—or 2.1 percent—of total US e-commerce sales in 2020, a figure that is expected to double by 2024. BNPL is so lucrative, merchants are paying fintech... View Details
- Web
Behavioral Finance & Financial Stability
Marco’s other research here , Dimuthu’s other research here , and Don’s other research here . More Info Stock Market Stimulus By: Robin Greenwood , Toomas Laarits & Jeffrey Wurgler MAR 2022 What is the role of fiscal View Details
- 14 Mar 2023
- In Practice
What Does the Failure of Silicon Valley Bank Say About the State of Finance?
on SVB, and the subsequent run on other regional banks. Many observers postulate that the vulnerability was hiding in plain sight (an unsettling thought), a result of a combination of COVID government stimulus followed by a series of... View Details
- 09 Nov 2023
- News
From the Brink
Antonio Weiss (MBA 1994), Adam Chepenik (MBA 2010), Sebastián Negrón-Reichard (JD/MBA 2024) As the senior top official in the US Treasury Department on domestic finance issues, Antonio Weiss (MBA 1994) could see Puerto Rico’s financial meltdown coming, like watching a... View Details
Keywords: Ralph Ranalli
- Web
Social Enterprise - Faculty & Research
of this sort could be a valuable addition to many if not most companies in at least five ways: as a source of knowledge and expertise, as a sounding board and constructive critic, as a driver of accountability, as a stimulus for... View Details
- 23 Nov 2020
- Research & Ideas
COVID Was Supposed to Increase Bankruptcies. Instead, They've Gone Down.
stimulus package, known as the CARES Act, also likely helped many unemployed workers stave off bankruptcy. And state and local governments, federal agencies, and companies enacted policies that put a temporary halt to evictions,... View Details
Keywords: by Rachel Layne
- Web
Research - Behavioral Finance & Financial Stability
Toomas Laarits & Jeffrey Wurgler MAR 2022 What is the role of fiscal stimulus in the stock market? The authors study the stock market effects of the arrival of the three rounds of “stimulus checks” to U.S. taxpayers and the single round... View Details
- 24 Feb 2009
- First Look
First Look: February 24, 2009
and how much, to use fiscal stimulus to resuscitate the economy. To help students understand Obama's options, the case reviews both the recent tax cuts under President George W. Bush, including the supply-side and demand-management... View Details
Keywords: Martha Lagace
- 17 Nov 2022
- News
Alumni Leaders on Decarbonization Strategies for Combating Climate Change
organization, the GSA, to convert facilities to high-performance green buildings.Extended and expanded tax deductions for commercial buildings to deploy clean energy technologies will also accelerate the adoption of technologies like Sorbent Ventilation Technology.... View Details
- 04 Oct 2016
- First Look
October 4, 2016
purchasing Treasuries did not have such differential effects. We find that the Fed's purchase of MBS (rather than exclusively Treasuries) during QE1 resulted in an additional $600 billion of refinancing, substantially reduced interest View Details
- 22 Nov 2022
- Blog Post
Alumni Leaders on Decarbonization Strategies for Combatting Climate Change
technologies like Sorbent Ventilation Technology. This federal down payment on building decarbonization will pay climate dividends for decades to come. Matthew Arnold (MBA 1995) CEO, Unimacts GlobalI have been involved in renewables since... View Details
- 09 May 2017
- First Look
New Research and Ideas, May 9
requirements provided a major stimulus for the emergence of local firms in Germany and Spain. U.S. firms were unable to develop internationally competitive products partly because of a rush to capture lucrative contracts dependent on... View Details
Keywords: Sean Silverthorne