G2TT
来源类型Discussion paper
规范类型论文
来源IDDP10698
DP10698 The Consumption Response to Liquidity-Enhancing Transfers: Evidence from Italian Earthquakes
Giancarlo Corsetti; Saverio Simonelli; Antonio Acconcia
发表日期2015-07-12
出版年2015
语种英语
摘要Exploiting three Italian earthquakes as quasi-experiments, we analyze the response of homeowners' consumption to targeted transfers, financing housing reconstruction over time. Like loans, these transfers mainly affect the liquidity of households' wealth in the short run: we show that they have no effect on consumption over a multi-year horizon. Yet, the access to reconstruction funds has significantly heterogeneous effects on impact: it strongly raises non-durable consumption by households with low liquidity and bank debt (the `wealthy-hand-to-mouth'); it makes no difference for liquid households. Consistently, in either group, consumption is insensitive to transfer funds that accrue directly to firms.
主题Monetary Economics and Fluctuations
关键词Consumption Liquidity Mortgage Public transfers Quasi-experiments
URLhttps://cepr.org/publications/dp10698
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/539529
推荐引用方式
GB/T 7714
Giancarlo Corsetti,Saverio Simonelli,Antonio Acconcia. DP10698 The Consumption Response to Liquidity-Enhancing Transfers: Evidence from Italian Earthquakes. 2015.
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