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Access to Home Equity and Consumption : Evidence from a Policy Experiment
Agarwal, Sumit - 2015
Using unique consumer financial transactions of more than 56,000 consumers, we study the consumption response to a …-in-differences analysis, we find a significant negative consumption response to the policy shock. Moreover, the consumption response is … precautionary saving motive. These results suggest that a decrease in access to home equity reduces the role of housing as a self …
Persistent link: https://www.econbiz.de/10013035473
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Age of Decision : Pension Savings Withdrawal and Consumption and Debt Response
Agarwal, Sumit - 2018
This paper exploits an administrative regulation in Singapore that allows individuals to withdraw between 10 to 30 percent of their pension savings at age 55. We find a large and highly significant increase in individuals' bank account balances within the first month of turning 55, which...
Persistent link: https://www.econbiz.de/10012937807
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Consumption and Saving Response to a Tax-Subsidized Saving Policy : Evidence from India
Agarwal, Sumit - 2018
households reduce their consumption in order to finance a tax-favored saving instrument using a unique administrative panel data … consumption by US$25 (5.2%) per month on average in order to finance the tax-favored saving account. For a one dollar increase in …-subsidized saving policy that largely incentivizes homeowners by allowing them to exempt an additional 50,000 INR ($833) of the mortgage …
Persistent link: https://www.econbiz.de/10012933146
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The reaction of consumer spending and debt to tax rebates: Evidence from consumer credit data
Agarwal, Sumit; Liu, Chunlin; Souleles, Nicholas S. - 2007
(before making additional payments). By contrast, debt declined most (so saving rose most) for unconstrained consumers. These …
Persistent link: https://www.econbiz.de/10010292101
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Rushing into American Dream? House Prices, Timing of Homeownership, and Adjustment of Consumer Credit
Agarwal, Sumit; Hu, Luojia; Huang, Xing - Federal Reserve Bank of Chicago - 2013
In this paper we use a large panel of individuals from Consumer Credit Panel dataset to study the timing of homeownership as a function of credit constraints and expectations of future house price. Our panel data allows us to track individuals over time and we model the transition probability of...
Persistent link: https://www.econbiz.de/10010739552
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The Spending and Debt Response to Minimum Wage Hikes
Aaronson, Daniel; Agarwal, Sumit; French, Eric - In: American Economic Review 102 (2012) 7, pp. 3111-39
Immediately following a minimum wage hike, household income rises on average by about $250 per quarter and spending by roughly $700 per quarter for households with minimum wage workers. Most of the spending response is caused by a small number of households who purchase vehicles. Furthermore, we...
Persistent link: https://www.econbiz.de/10010815749
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Rushing into American dream? House prices, timing of homeownership, and adjustment of consumer credit
Agarwal, Sumit; Hu, Luojia; Huang, Xing - 2013
In this paper we use a large panel of individuals from Consumer Credit Panel dataset to study the timing of homeownership as a function of credit constraints and expectations of future house price. Our panel data allows us to track individuals over time and we model the transition probability of...
Persistent link: https://www.econbiz.de/10010352190
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Rushing into American dream? : house prices, timing of homeownership, and adjustment of consumer credit
Agarwal, Sumit; Hu, Luojia; Huang, Xing - 2013
In this paper we use a large panel of individuals from Consumer Credit Panel dataset to study the timing of homeownership as a function of credit constraints and expectations of future house price. Our panel data allows us to track individuals over time and we model the transition probability of...
Persistent link: https://www.econbiz.de/10010211024
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Liquidity Constraint Threat and Household Indebtedness
Agarwal, Sumit; Qian, Wenlan; Zou, Xin - 2023
Using individual-level credit card data from a Singapore financial institution, this paper investigates the effectiveness of a consumer financial regulation aiming to reduce household unsecured debt accumulation. A threat of suspending all existing unsecured credit induces the credit card...
Persistent link: https://www.econbiz.de/10014350728
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Thy Neighbor’s Misfortune : Peer Effect on Consumption
Agarwal, Sumit - 2020
consumption response of individuals whose same-building neighbors experienced personal bankruptcy. The unique bankruptcy rules in … Singapore suggest liquidity shocks drive personal bankruptcy decisions, leading to a substantial drop in consumption for the … bankrupt. Peers' monthly card consumption decreases by 3.4 percent over the one-year post-bankruptcy period. There exists no …
Persistent link: https://www.econbiz.de/10012855514