The Spending and Debt Response to Minimum Wage Hikes

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 find that the high spending levels are financed through increases in collateralized debt. Our results are consistent with a model where households can borrow against durables and face costs of adjusting their durables stock

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Year of publication:	[2011]
Authors:	Aaronson, Daniel
Other Persons:	Agarwal, Sumit (contributor) ; French, Eric (contributor)
Publisher:	[2011]: [S.l.] : SSRN
Subject:	Mindestlohn \| Minimum wage \| Theorie \| Theory \| Öffentliche Ausgaben \| Public expenditure

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