G2TT
来源类型Discussion paper
规范类型论文
来源IDDP8562
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
URLhttps://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.
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