¹⁹For the stimulus check and extended UI, the payments made by the government are clearly defined and do not depend on aggregate demand effects. For the payroll tax cut, we define the payments as the difference between the take-home pay with and without the tax cut, but ignoring any aggregate demand effects. Aggregate demand effects would increase the value of the tax cut because incomes would rise, but, in fact, the effects increase rather than decrease the tax receipts of the government.