  To battle with economic challenges during COVID-19 pandemic, the US
government implemented various measures to mitigate economic loss. From
issuance of stimulus check to social distancing measures, consumers had to
constantly alter their behavior in response to government policies. Using
anonymized card transactions and mobile device-based location tracking data, we
analyze the factors that contribute to these behavior changes, focusing on
stimulus check issuance and state-wide reopening. Our finding suggests that
stimulus payment has a significant immediate effect of boosting spending, but
it typically does not reverse a downward trend. State-wide reopening had a
small effect on spending. Foot traffic increased gradually after stimulus check
issuance, which coincided or preceded several policy changes and confounding
events (e.g., protests) in the US. Our results may be used to inform future
economic recovery policies and their potential consumer response.
