| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13694 |
| 来源ID | Working Paper 13694 |
| The Reaction of Consumer Spending and Debt to Tax Rebates -- Evidence from Consumer Credit Data | |
| Sumit Agarwal; Chunlin Liu; Nicholas S. Souleles | |
| 发表日期 | 2007-12-20 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | We use a new panel dataset of credit card accounts to analyze how consumers responded to the 2001 Federal income tax rebates. We estimate the monthly response of credit card payments, spending, and debt, exploiting the unique, randomized timing of the rebate disbursement. We find that, on average, consumers initially saved some of the rebate, by increasing their credit card payments and thereby paying down debt. But soon afterwards their spending increased, counter to the canonical Permanent-Income model. Spending rose most for consumers who were initially most likely to be liquidity constrained, whereas debt declined most (so saving rose most) for unconstrained consumers. More generally, the results suggest that there can be important dynamics in consumers' response to "lumpy" increases in income like tax rebates, working in part through balance sheet (liquidity) mechanisms. |
| 主题 | Microeconomics ; Behavioral Economics ; Macroeconomics ; Consumption and Investment ; Monetary Policy ; Fiscal Policy ; Financial Economics ; Financial Institutions ; Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w13694 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/571370 |
| 推荐引用方式 GB/T 7714 | Sumit Agarwal,Chunlin Liu,Nicholas S. Souleles. The Reaction of Consumer Spending and Debt to Tax Rebates -- Evidence from Consumer Credit Data. 2007. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w13694.pdf（293KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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