| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9161 |
| DP9161 Consumer Responses to Fiscal Stimulus Policy and Households? Cost of Liquidity | |
| Claus Thustrup Kreiner | |
| 发表日期 | 2012-09-30 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | Consumption theory predicts that the cost of liquidity determines spending responses to a stimulus. We test this hypothesis directly using administrative records of individual-level loan and deposit accounts in combination with a Danish fiscal stimulus reform transforming illiquid pension wealth into liquid wealth. The data reveal substantial variation in the cost of liquidity across households, and this cost robustly predicts the propensity to spend. We find that the heterogeneity across households cannot be explained by short-lived shocks appearing within the duration of a typical business cycle but show that it is consistent with liquidity constraints being self-imposed by impatient types. |
| 主题 | Public Economics |
| 关键词 | Consumption behavior Liquidity constraints Fiscal policy |
| URL | https://cepr.org/publications/dp9161 |
| 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/537996 |
| 推荐引用方式 GB/T 7714 | Claus Thustrup Kreiner. DP9161 Consumer Responses to Fiscal Stimulus Policy and Households? Cost of Liquidity. 2012. |
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