Liquidity Constraint Tightness and Consumer Responses to Fiscal Stimulus Policy

• 成果类型: Article
• 署名作者: Kreiner, Claus Thustrup; Lassen, David Dreyer; Leth-Petersen, Soren
• 署名单位: University of Copenhagen
• 刊物名称: AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY
• ISSN/ISSBN: 1945-7731
• DOI: 10.1257/pol.20140313
• 发表日期: 2019
• 页码: 351-379
• 关键词: income; consumption; debt; expenditure; payments; credit; shocks

摘要

The marginal interest rate is the price at which a household can access additional liquidity. Consumption theory posits that variation in marginal interest rotes across consumers predicts differences in the propensity to spend a stimulus payment. This hypothesis is tested in the context of a Danish 2009 stimulus policy that transformed illiquid pension wealth into liquid wealth. Marginal interest rates ore constructed from administrative records with account level information and merged with survey data measuring the spending response to the stimulus policy. The data reveal substantial variation in marginal interest rates across consumers, and these interest rates predict spending responses. (JEL D14, D15, E21, E43, E62)