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This paper tests one specific monetary transmission mechanism through households: portfolio rebalancing. We use a unique panel dataset of household's credit and debit card spending, ATM withdrawals, financial investments into risky assets such as mutual funds and equities, as well as bank...
Persistent link: https://www.econbiz.de/10012835832
We use detailed information from U.S. consumers' credit card purchases to provide the first large scale description of the geography of consumption. We find that consumers' mobility is quite limited and document significant heterogeneity in the importance of gravity across sectors. We develop a...
Persistent link: https://www.econbiz.de/10012952072
For most people, buying a home is their single largest financial commitment. Previous research shows that Chinese buyers pay less for homes with unlucky addresses and more for homes with lucky addresses. Using Singapore data on housing transactions combined with a plethora of individual buyer...
Persistent link: https://www.econbiz.de/10012904960
We utilize monthly individual-level financial data and item-level supermarket sales data to study how consumption responds to one of the costliest natural disasters in India. We find that consumption dropped by 11% during the disaster, 65% of which was recovered after the disaster. On average,...
Persistent link: https://www.econbiz.de/10013240898
We utilize monthly individual-level financial data and item-level supermarket sales data to study how consumption responds to one of the costliest natural disasters in India. We find that consumption dropped by 11% during the disaster, 65% of which was recovered after the disaster. On average,...
Persistent link: https://www.econbiz.de/10014029989
This paper estimates how online consumer spending responds to changes in air pollution. We address the endogeneity of air pollution in affecting household consumption by exploiting plausibly exogenous variations in air quality caused by China's Huai River heating policy. We use a comprehensive...
Persistent link: https://www.econbiz.de/10014030382
Every year many states offer sales tax holidays (STHs) temporarily exempting items like clothes, shoes and school supplies from the state sales tax. We use two data sets, the Diary portion of the Consumer Expenditure Survey and a unique data set of credit cards transactions, to investigate the...
Persistent link: https://www.econbiz.de/10013089609
Every year over 20 states offer sales tax holidays (STHs) on specific items like clothes, shoes and other items to encourage consumption, effecting over 100 million consumers. We use a unique dataset of credit cards transaction to study the spending response to these holidays. Using a...
Persistent link: https://www.econbiz.de/10009670454