Agarwal, Sumit; Chomsisengphet, Souphala; Mahoney, Neale; … - 2015
We examine the ability of policymakers to stimulate household borrowing and spending during the Great Recession by reducing banks' cost of funds. Using panel data on 8.5 million U.S. credit card accounts and 743 credit limit regression discontinuities, we estimate the marginal propensity to...