Using new transaction data I find that consumption is excessively sensitive to salient, predetermined, large and regular payments from the Alaska Permanent Fund, with a large average marginal propensity to consume (MPC) of 30% for nondurables and services. This excess sensitivity is very...

This paper derives two measures of expected Alaska Permanent Fund Dividends (PFD), which are large annual payments to most Alaskan residents. The first measure is based on a narrative analysis of all major Alaskan newspapers from 1982 to 2014. The second is derived from new data from 1991 to...

This paper derives two measures of expected Alaska Permanent Fund Dividends (PFD), which are large annual payments to most Alaskan residents. The first measure is based on a narrative analysis of all major Alaskan newspapers from 1982 to 2014. The second is derived from new data from 1991 to...

This paper revisits the important contribution of Hsieh (2003) to the analysis of the intertemporal allocation of household consumption. Using total expenditures to normalize income from the Alaska Permanent Fund Dividend instead of family income and an extended sample of the Consumer...