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In response to the ongoing COVID-19 pandemic, the US government brought about a collection of fiscal stimulus measures: the 2020 CARES Act. Among other provisions, this Act directed cash payments to households. We analyze households’ spending responses using high-frequency transaction data. We also explore heterogeneity by income levels, recent income declines, and liquidity. We find that households respond rapidly to receipt of stimulus payments, with spending increasing by $0.25-$0.35 per dollar of stimulus during the first 10 days. Households with lower incomes, greater income drops, and lower levels of liquidity display stronger responses. Liquidity plays the most important role, with no observed spending response for households with high levels of bank account balances. Relative to the effects of previous economic stimulus programs in 2001 and 2008, we see much smaller increases in durables spending and larger increases in spending on food, likely reflecting the impact of shelter-in-place orders and supply disruptions. We hope that our results inform the current debate about appropriate policy measures.

We develop a model of financial crises with both a financial amplification mechanism, via frictional intermediation, and a role for sentiment, via time-varying beliefs about an illiquidity state. We confront the model with data on credit spreads, equity prices, credit, and output across the financial crisis cycle. In particular, we ask the model to match data on the frothy pre-crisis behavior of asset markets and credit, the sharp transition to a crisis where asset values fall, disintermediation occurs and output falls, and the post-crisis period characterized by a slow recovery in output. We find that a pure amplification mechanism quantitatively matches the crisis and aftermath period but fails to match the pre-crisis evidence. Mixing sentiment and amplification allows the model to additionally match the pre-crisis evidence. We consider two versions of sentiment, a Bayesian belief updating process and one that overweighs recent observations. We find that both models match the crisis patterns qualitatively, generating froth pre-crisis, non-linear behavior in the crisis, and slow recovery. The non-Bayesian model improves quantitatively on the Bayesian model in matching the extent of the pre-crisis froth.

A day after a father and son were charged in the February killing of unarmed jogger Ahmaud Arbery, a Georgia official promised a thorough probe into the case and said the man who filmed the horrific incident is also under investigation. In a news conference Friday morning, Georgia Bureau of Investigation Director Vic Reynolds said “every stone will be turned over" and if the facts lead agents to make another arrest “they will do that.”

President Trump on Friday called the viral video of Ahmaud Arbery’s killing “very, very disturbing,” but he said he’s confident that Georgia’s law enforcement authorities will handle the case properly despite a slow-moving investigation and conflict-of-interest questions surrounding the incident. “So I saw the tape, and it’s very, very disturbing," he said in a Fox New phone interview. “I looked at a picture of that young man. He was in a tuxedo... And I will say that that looks like a really good, young guy.”

That's plenty sketchy-ish.

Shelter in place orders (SIPOs) require residents to remain home for all but essential activities such as purchasing food or medicine, caring for others, exercise, or traveling for employment deemed essential. Between March 19 and April 20, 2020, 40 states and the District of Columbia adopted SIPOs. This study explores the impact of SIPOs on health, with particular attention to heterogeneity in their impacts. First, using daily state-level social distancing data from SafeGraph and a difference-in-differences approach, we document that adoption of a SIPO was associated with a 5 to 10 percent increase in the rate at which state residents remained in their homes full-time. Then, using daily state-level coronavirus case data collected by the Centers for Disease Control and Prevention, we find that approximately three weeks following the adoption of a SIPO, cumulative COVID-19 cases fell by 44 percent. Event-study analyses confirm common COVID-19 case trends in the week prior to SIPO adoption and show that SIPO-induced case reductions grew larger over time. However, this average effect masks important heterogeneity across states — early adopters and high population density states appear to reap larger benefits from their SIPOs. Finally, we find that statewide SIPOs were associated with a reduction in coronavirus-related deaths, but estimated mortality effects were imprecisely estimated.

Tara Reade made the remarkable demand during an appearance on ex-Fox News anchor Megyn Kelly’s show, her first on-camera interview about the alleged assault.

“They’re still proceeding with primaries for other offices, for other races," Yang told the Daily News.

Five Saracens players have apologised after they were pictured breaking social distancing rules on Monday.

Australia's Super Rugby competition is planning for an early July return, a spokesman said today, after the coronavirus outbreak derailed the season and sparked turmoil within the sport's cash-strapped governing body.

At the core of quantum computing is the qubit. The best ones have a few defining traits, and scientists are looking to everything from lasers to Russian diamonds to help refine the best qubits for the next generation of quantum computing.

How “change blindness” prevents you from seeing this 10 of clubs turn into an ace of spades.

The breakthrough suggests that bots can navigate complex games involving multiple stakeholders and hidden information—situations that better approximate the real world than two-player board games.

There are a heck of a lot of reasons not to.

Combining two insect-control techniques, researchers largely prevented reproduction in a mosquito species known to carry Zika, dengue, and yellow fever.

Researchers have built a prosthesis that enabled a man who lost his hand to text, pluck grapes from their stems, and stuff a pillow into its case.

This crustacean-like critter stalked the seas half a billion years ago.

An AI chip designed to mimic certain aspects of the human brain has given a bicycle an unprecedented level of autonomy.

Both treatments rely on infusing patients with antibodies that latch onto the virus and block it from invading cells.

Scientists studying diamonds from deep within Earth’s mantle found evidence of a reservoir of rocks and gas that may be nearly as old as the planet itself.

Scientists injected CRISPR gene-editing machinery into unfertilized eggs still developing in female lizards’ ovaries.

Some of the storm’s features hint at troubling trends in recent hurricanes.

The gargantuan structures hint at a massive explosion in our galaxy’s past.

That spells trouble for the entire planet.

The algorithm was based on the faulty assumption that health care spending is a good proxy for wellbeing. But there seems to be a quick fix.

In addition to causing disease itself, the virus destroys immune cells trained to respond to other pathogens the body has encountered before.

But many questions remain about the true origin of the Homo sapiens species.

As law enforcement agencies deploy AI-powered facial recognition systems, some communities are pushing back, insisting on having a say in how they’re used.

The film will premiere on the 12th of May.
( Photos: 1, Comments: 11 )

Does a flat-bar gravel bike appeal to you, or is this just a mountain bike with not enough tire clearance?
( Photos: 5, Comments: 214 )

Tiocfaidh cúlú 8% ar an ngeilleagar i mbliana agus tiocfaidh borradh 6% faoi arís an bhliain seo chugainn, a deirtear i dtuarascáil nua atá foilsithe ag an gCoimisiún Eorpach.

Cuirfear tús le cainteanna foirmiúla tráthnóna idir trí pháirtí polaitíochta - Fine Gael, Fianna Fáil agus an Comhaontas Glas - maidir le bunú rialtais nua.

LAUSD's decision to temporarily shut down schools causes an enormous disruption. And it's not clear how helpful the move will be in slowing coronavirus spread.

More scandal in the Orange County Sheriff's Department shows the department — like all sheriff's departments — should have independent civilian oversight.

Public health experts are urging people to stay home to avoid spreading coronavirus. But that means some people could end up losing their homes.

After weeks of dithering, Trump finally seems to have gotten the message that Americans are desperate for more than empty assurances on coronavirus.

Congress can and should do more to combat a coronavirus downturn — including a $1,000 UBI check to every citizen.

Soap is restricted and hand sanitizer is contraband at correctional facilities. We need to stop admitting people accused of low-level crimes.

With coronavirus on the rampage, perhaps the people who don't believe in vaccinations will rethink their irresponsible position.

Just when President Trump started to rise to the challenge of leading a nation through the coronavirus pandemic, he slips back to his old, tired tricks.

Inglewood can help solve the first-mile last-mile problem of public transit in a big way.

We're all in this together. It's far better for society if folks choose to help their fellow humans rather than rip the last roll of toilet paper from their hands.

Ideally, business owners and individuals will make the right decisions in the face of coronavirus. But then, there will always be companies like Tesla.

Los Angeles wants to move thousands of homeless people inside. But is crowding indoors actually less dangerous than letting them stay on the streets?

California's order might seem like a big deal. But what we don't know about this virus, which is a lot, means the risk of inaction is too high.

Amid a public health emergency, it's unconscionable for California to allow dozens of state-owned homes to stay empty.

With 40 million kids home from school, what's being done to make sure students are learning?

President Trump and Congress should keep climate change in mind as they prepare economic aid packages for businesses and industries.

This past weekend was an epic fail for public health. Southern Californians crowded hiking trails and beaches, and otherwise ignored social distancing orders..