The DOI matches its Crossref record; 28 of the 28 references it cites were found in a registry or an index.
The Reaction of Consumer Spending and Debt to Tax Rebates—Evidence from Consumer Credit Data
Abstract
We use a new panel data set 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 afterward their spending increased, counter to the 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.
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Citations
Cites
The Buffer-Stock Theory of Saving: Some Macroeconomic Evidence
Carroll, C. D., Hall, R. E., & Zeldes, S. P. (1992) · Brookings Papers on Economic Activity · doi:10.2307/2534582 · Cited by 1,059
Household Expenditure and the Income Tax Rebates of 2001
Johnson, D. S., Parker, J. A., & Souleles, N. S. (2006) · American Economic Review · doi:10.1257/aer.96.5.1589 · Cited by 936
Self-citationGross, D. B., & Souleles, N. S. (2002) · The Quarterly Journal of Economics · doi:10.1162/003355302753399472 · Cited by 867
Self-citationWho is Credit Constrained in the U. S. Economy?
Jappelli, T. (1990) · The Quarterly Journal of Economics · doi:10.2307/2937826 · Cited by 808
The Response of Household Consumption to Income Tax Refunds
Souleles, N. S. (1999) · American Economic Review · doi:10.1257/aer.89.4.947 · Cited by 698
Self-citationThe Reaction of Household Consumption to Predictable Changes in Social Security Taxes
Parker, J. A. (1999) · American Economic Review · doi:10.1257/aer.89.4.959 · Cited by 551
Reis, R. (2006) · Journal of Monetary Economics · doi:10.1016/j.jmoneco.2006.03.001 · Cited by 531
Souleles, N. S. (2004) · Journal of money credit and banking · doi:10.1353/mcb.2004.0007 · Cited by 437
Self-citationConsumer Response to Tax Rebates
Shapiro, M. D., & Slemrod, J. (2003) · American Economic Review · doi:10.1257/000282803321455368 · Cited by 395
Do Consumers React to Anticipated Income Changes? Evidence from the Alaska Permanent Fund
Hsieh, C.-T. (2003) · American Economic Review · doi:10.1257/000282803321455377 · Cited by 325
Cited by
Household Expenditure and the Income Tax Rebates of 2001
Johnson, D. S., Parker, J. A., & Souleles, N. S. (2006) · American Economic Review · doi:10.1257/aer.96.5.1589 · Cited by 936
Self-citationThe Consumption Response to Income Changes
Jappelli, T., & Pistaferri, L. (2010) · Annual Review of Economics · doi:10.1146/annurev.economics.050708.142933 · Cited by 704
Interest Rate Pass-Through: Mortgage Rates, Household Consumption, and Voluntary Deleveraging
Di Maggio, M., Kermani, A., Keys, B. J., Piskorski, T., Ramcharan, R., Seru, A., & Yao, V. (2017) · American Economic Review · doi:10.1257/aer.20141313 · Cited by 505
Fiscal Policy and MPC Heterogeneity
Jappelli, T., & Pistaferri, L. (2014) · American Economic Journal: Macroeconomics · doi:10.1257/mac.6.4.107 · Cited by 398
Kuhn, P., Kooreman, P., Soetevent, A., & Kapteyn, A. (2011) · American Economic Review · doi:10.1257/aer.101.5.2226 · Cited by 349
Metadata
- Authors
- Agarwal, S., Liu, C., & Souleles, N. S.
- Venue
- Journal of Political Economy
- Publisher
- University of Chicago Press
- Published
- 2007-12
- Volume
- 115
- Issue
- 6
- Pages
- 986-1019
- ISSN
- 0022-3808 (ISSN-L)
- 1537-534X
- OpenAlex
- W3125133885
- Cited by
- 409
- References
- 28
- FWCI
- 50.46
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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