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Consumer Spending and the Economic Stimulus Payments of 2008
Open accessAbstract
We measure the change in household spending caused by receipt of the economic stimulus payments of 2008, using questions added to the Consumer Expenditure Survey and variation from the randomized timing of disbursement. Households spent 12–30 percent (depending on specification) of their payments on nondurable goods during the three-month period of payment receipt, and a significant amount more on durable goods, primarily vehicles, bringing the total response to 50–90 percent of the payments. The responses are substantial and significant for older, lower-income, and home-owning households. Spending does not vary significantly with the method of disbursement (check versus electronic transfer). (JEL D12, D14, E21, E62)
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Auclert, A. (2019) · American Economic Review · doi:10.1257/aer.20160137 · Cited by 773
Can Government Purchases Stimulate the Economy?
Ramey, V. A. (2011) · Journal of Economic Literature · doi:10.1257/jel.49.3.673 · Cited by 772
Revisiting event study designs: robust and efficient estimation
(2022) · arXiv (preprint) · doi:10.47004/wp.cem.2022.1122 · Cited by 607
The Power of Forward Guidance Revisited
McKay, A., Nakamura, E., & Steinsson, J. (2016) · American Economic Review · doi:10.1257/aer.20150063 · Cited by 548
Metadata
- Authors
- Parker, J. A., Souleles, N. S., Johnson, D. S., & McClelland, R.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2013-10-01
- Volume
- 103
- Issue
- 6
- Pages
- 2530-2553
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W2126729239
- Cited by
- 879
- References
- 1
- FWCI
- 151.11
- Type
- journal article
- Language
- en
- Open access
- hybrid
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