: National Bureau of Economic Research, May 2020), https://www.nber.org/papers/w27097. 1  -2-  The rapid increase in spending was greatest for households with lower incomes, greater income declines, and lower liquid savings. 5 The urgency with which the emergency payments were spent underscores the importance of rapid access to funds for many households and businesses that face cash flow constraints.
Furthermore, their efforts to replace the hedges provided by those contracts would have placed additional pressures on markets that already were quite stressed.