Consumption, Income Changes, and Heterogeneity: Evidence from Two Fiscal Stimulus Programs

• 成果类型: Article
• 署名作者: Misra, Kanishka; Surico, Paolo
• 署名单位: University of Michigan System; University of Michigan; University of London; London Business School; Centre for Economic Policy Research - UK
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.6.4.84
• 发表日期: 2014
• 页码: 84-106
• 关键词: household consumption; life-cycle; expenditure; inference; GROWTH; POLICY

摘要

Almost half of American families did not adjust their consumption following receipt of the 2001 or 2008 tax rebates. Another 20 percent, with low income and more likely to rent, spent a small but significant amount. Households with large spending propensity held high levels of mortgage debt. The heterogeneity is concentrated in a few nondurable categories and a handful of new vehicle purchases. The cumulated predictions of the heterogeneous response model tend to be smaller and more accurate than their homogeneous response model counterparts, offering new insights on the evaluation of the two fiscal stimulus programs.