| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8562 |
| DP8562 A Model of the Consumption Response to Fiscal Stimulus Payments | |
| Giovanni L. Violante; Greg Kaplan | |
| 发表日期 | 2011-09-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | A wide body of empirical evidence, based on randomized experiments, finds that 20-40 percent of fiscal stimulus payments (e.g. tax rebates) are spent on non-durable household consumption in the quarter that they are received. We develop a structural economic model to interpret this evidence. Our model integrates the classical Baumol-Tobin model of money demand into the workhorse incomplete-markets life-cycle economy. In this framework, households can hold two assets: a low-return liquid asset (e.g., cash, checking account) and a high-return illiquid asset (e.g., housing, retirement account) that carries a transaction cost. The optimal life-cycle pattern of wealth accumulation implies that many households are "wealthy hand-to-mouth": they hold little or no liquid wealth despite owning sizable quantities of illiquid assets. They therefore display large propensities to consume out of additional income. We document the existence of such households in data from the Survey of Consumer Finances. A version of the model parametrized to the 2001 tax rebate episode is able to generate consumption responses to fiscal stimulus payments that are in line with the data. |
| 主题 | International Macroeconomics ; Labour Economics ; Public Economics |
| 关键词 | Consumption Fiscal stimulus payments Hand-to-mouth Liquidity |
| URL | https://cepr.org/publications/dp8562 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537399 |
| 推荐引用方式 GB/T 7714 | Giovanni L. Violante,Greg Kaplan. DP8562 A Model of the Consumption Response to Fiscal Stimulus Payments. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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