How effective are universal payments for raising consumption? Evidence from a natural experiment.

However, it seems that there is an increasing trend in panel A and consumption diverges again in June.

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When we allow a structural break in the linear time trend between two years, the estimated treatment effect becomes similar to the results in Table 3 but only weakly significant even in the benchmark specification, Column (4), with household fixed effects. 25 Therefore, we use triple interactions to avoid the need to include time trends and to control for other possible confounding factors, such as different seasonal consumption patterns in Incheon and Gyeonggi. 2 where fo

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