全球智库信息集成服务系统(G2TT): How Individuals Respond to a Liquidity Shock: Evidence from the 2013 Government Shutdown

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w21025
来源ID	Working Paper 21025
	How Individuals Respond to a Liquidity Shock: Evidence from the 2013 Government Shutdown
	Michael Gelman; Shachar Kariv; Matthew D. Shapiro; Dan Silverman; Steven Tadelis
发表日期	2015-03-16
出版年	2015
语种	英语
摘要	Using comprehensive account records, this paper examines how individuals adjusted spending and saving in response to a temporary drop in liquidity due to the 2013 U.S. government shutdown. The shutdown cut paychecks by 40% for affected employees, which was recovered within 2 weeks. Because the shutdown affected only the timing of payments, it provides a distinctive experiment allowing estimates of the response to a liquidity shock holding income constant. Spending dropped sharply, implying a naïve estimate of 58 cents less spending for every dollar of lost liquidity. This estimate overstates the consumption response. While many individuals had low liquid assets, they used multiple sources of short-term liquidity to smooth consumption. Sources of short-term liquidity include delaying recurring payments such as for mortgages and credit card balances.
主题	Microeconomics ; Households and Firms ; Behavioral Economics ; Macroeconomics ; Consumption and Investment ; Public Economics ; Taxation
URL	https://www.nber.org/papers/w21025
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/578698
推荐引用方式 GB/T 7714	Michael Gelman,Shachar Kariv,Matthew D. Shapiro,et al. How Individuals Respond to a Liquidity Shock: Evidence from the 2013 Government Shutdown. 2015.