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High-frequency spending responses to government transfer payments
Cooper, Daniel; Olivei, Giovanni P. - 2021 - This version: November 2021
This paper evaluates the marginal propensity to consume (MPC) out of the 2020 fiscal stimulus payments using high-frequency, transaction-level data for a sample of low-income cardholders, many of whom are unbanked. Consumers' MPC out of non-stimulus income and their MPC out of tax refunds are...
Persistent link: https://www.econbiz.de/10012705045
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Liquidity constraints of the middle class
Campbell, Jeffrey R.; Hercowitz, Zvi - 2009
The consumption of households with liquid financial assets responds much more to transitory income shocks than the … thereby shortens its effective horizon. Intertemporal substitution over a limited period generates a strong consumption … accumulates assets. Hence, households with more assets have larger consumption responses. We compare a calibrated version of the …
Persistent link: https://www.econbiz.de/10010292143
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Liquidity Constraints of the Middle Class
Campbell, J.R.; Hercowitz, Zvi - Tilburg University, Center for Economic Research - 2015
Among U.S. middle-class households, the marginal propensity to consume is either invariant to household wealth or a U-shaped function thereof. In contrast, precautionary savings models predict that wealth reduces the marginal propensity to consume. We bridge this gap between theory and data with...
Persistent link: https://www.econbiz.de/10011193658
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A Model of the Consumption Response to Fiscal Stimulus Payments
Kaplan, Greg; Violante, Giovanni L - C.E.P.R. Discussion Papers - 2011
payments (e.g. tax rebates) are spent on non-durable household consumption in the quarter that they are received. We develop a … Finances. A version of the model parametrized to the 2001 tax rebate episode is able to generate consumption responses to …
Persistent link: https://www.econbiz.de/10009293985
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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
We use a new panel dataset of credit card accounts to analyze how consumers responded to the 2001 federal income tax rebates. We estimate the monthly response of credit card payments, spending, and debt, exploiting the unique, randomized timing of the rebate disbursement. We find that on average...
Persistent link: https://www.econbiz.de/10010292101
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The reaction of consumer spending and debt to tax rebates: Evidence from consumer credit data
Lusardi, Annamaria; Mitchell, Olivia S. - 2007
We use a new panel dataset of credit card accounts to analyze how consumer responded to the 2001 Federal income tax rebates. We estimate the monthly response of credit card payments, spending, and debt, exploiting the unique, randomized timing of the rebate disbursement. We find that, on...
Persistent link: https://www.econbiz.de/10010298384
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Household Expenditure and the Income Tax Rebates of 2001
Johnson, David S.; Parker, Jonathan A.; Souleles, … - 2004
Consumer Expenditure Survey, we exploit this historically unique experiment to measure the change in consumption expenditures … consumption demand are significant. The estimated responses are largest for households with relatively low liquid wealth and low …
Persistent link: https://www.econbiz.de/10010263339
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The reaction of consumer spending and debt to tax rebates: Evidence from consumer credit data
Lusardi, Annamaria; Mitchell, Olivia S. - Center for Financial Studies - 2007
We use a new panel dataset of credit card accounts to analyze how consumer responded to the 2001 Federal income tax rebates. We estimate the monthly response of credit card payments, spending, and debt, exploiting the unique, randomized timing of the rebate disbursement. We find that, on...
Persistent link: https://www.econbiz.de/10010986371
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Household Expenditure and the Income Tax Rebates of 2001
Johnson, David S.; Parker, Jonathan A.; Souleles, … - Woodrow Wilson School of Public and International … - 2004
Consumer Expenditure Survey, we exploit this historically unique experiment to measure the change in consumption expenditures … consumption demand are significant. The estimated responses are largest for households with relatively low liquid wealth and low …
Persistent link: https://www.econbiz.de/10005548035
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Household Expenditure and the Income Tax Rebates of 2001
Johnson, David S.; Parker, Jonathan A.; Souleles, … - Woodrow Wilson School of Public and International … - 2004
Consumer Expenditure Survey, we exploit this historically unique experiment to measure the change in consumption expenditures … consumption demand are significant. The estimated responses are largest for households with relatively low liquid wealth and low …
Persistent link: https://www.econbiz.de/10011150135