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Consumer Response to Tax Rebates
Abstract
Many households received income tax rebates in 2001 of $300 or $600. These rebates represented advance payments of the tax cut from the new 10 percent tax bracket. Based on a survey of a representative sample of households, this paper finds that only 22 percent of households receiving the rebate would spent it. Instead, they would either save it or use it to pay off debt. This very low rate of spending represents a striking break with past behavior, which would have suggested a much higher rate of spending. The low spending rate implies that the tax rebate provided a very limited stimulus to aggregate demand.
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Citations
Cited by
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
The Marginal Propensity to Consume in Heterogeneous Agent Models
Kaplan, G., & Violante, G. L. (2022) · Annual Review of Economics · doi:10.1146/annurev-economics-080217-053444 · Cited by 116
The Economic Stimulus Payments of 2008 and the Aggregate Demand for Consumption
Broda, C., & Parker, J. (2014) · doi:10.3386/w20122 · Cited by 102
How Individuals Respond to a Liquidity Shock: Evidence from the 2013 Government Shutdown
Gelman, M., Kariv, S., Shapiro, M., Silverman, D., & Tadelis, S. (2015) · doi:10.3386/w21025 · Cited by 41
Self-citationKoebel, K., & Schirle, T. (2016) · Canadian Public Policy · doi:10.3138/cpp.2015-049 · Cited by 34
Metadata
- Authors
- Shapiro, M. D., & Slemrod, J.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2003-02-01
- Volume
- 93
- Issue
- 1
- Pages
- 381-396
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W3122021056
- Cited by
- 395
- References
- 0
- FWCI
- 19.88
- Type
- journal article
- Language
- en
- Open access
- closed
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