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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

Fiscal policy and MPC heterogeneity

Jappelli, Tullio; Pistaferri, Luigi - Center for Financial Studies - 2013

would increase aggregate consumption by 0.82 percent. Furthermore, we find that redistributing 1% of national disposable … income from the top to the bottom decile of the income distribution would boost aggregate consumption by 0.33%. …

Persistent link: https://www.econbiz.de/10010958511

Theoretical foundations of buffer stock saving

Carroll, Christopher D. - Center for Financial Studies - 2011

Buffer-stock models of saving are now standard in the consumption literature. This paper builds theoretical foundations … proposition that aggregate consumption growth equals aggregate income growth in a small open economy populated by buffer stock …

Persistent link: https://www.econbiz.de/10010958518

Wealth shocks, unemployment shocks and consumption in the wake of the Great Recession

Christelis, Dimitris; Georgarakos, Dimitris; Jappelli, … - Center for Financial Studies - 2011

We use data from the 2009 Internet Survey of the Health and Retirement Study to examine the consumption impact of …

Persistent link: https://www.econbiz.de/10010958525

Consumption smoothing and liquidity income redistribution

Bertola, Giuseppe; Koeniger, Winfried - Center for Financial Studies - 2006

We show theoretically that income redistribution benefits borrowingconstrained individuals more than is implied by standard relative-income and uninsurable-risk considerations. Empirically, we find in international opinion-survey data that younger and lower-income individuals express stronger...

Persistent link: https://www.econbiz.de/10010958531

Dissecting saving dynamics: Measuring wealth, precautionary, and credit effects

Carroll, Christopher D.; Slacalek, Jiri; Sommer, Martin - Center for Financial Studies - 2012

recent substantial rise (2008-2011) can be interpreted using a parsimonious buffer stock model of consumption in the presence …

Persistent link: https://www.econbiz.de/10010958787

Wealth shocks, unemployment shocks and consumption in the wake of the Great Recession

Christelis, Dimitris; Georgarakos, Dimitris; Jappelli, … - Center for Financial Studies - 2014

We use data from the 2009 Internet Survey of the Health and Retirement Study to examine the consumption impact of …

Persistent link: https://www.econbiz.de/10010958788

Precautionary saving and the marginal propensity to consume out of permanent income

Carroll, Christopher D. - Center for Financial Studies - 2009

The budget constraint requires that, eventually, consumption must adjust fully to any permanent shock to income …

Persistent link: https://www.econbiz.de/10010958808

Consumption Smoothing and Liquidity Income Redistribution

Bertola, Giuseppe; Koeniger, Winfried - Center for Financial Studies - 2007

Persistent link: https://www.econbiz.de/10005120782

How large is the housing wealth effect? A new approach

Carroll, Christopher D.; Otsuka, Misuzu; Slacalek, Jirka - Center for Financial Studies - 2006

This paper presents a simple new method for estimating the size of wealth effects on aggregate consumption. The method … exploits the well-documented sluggishness of consumption growth (often interpreted as habits in the asset pricing literature …

Persistent link: https://www.econbiz.de/10010986368