CoChat
Sign Up
Cited by 433Financial Literacy, Pension, Retirement AnalysisMonetary Policy and Economic ImpactDecision-Making and Behavioral Economics

Consumer Spending during Unemployment: Positive and Normative Implications

Open access
Ganong, Peter, Noel, Pascal·2019·American Economic Review
DOI 10.1257/aer.20170537
Open this paper in CoChat — free accountOpen PDF

Abstract

Using de-identified bank account data, we show that spending drops sharply at the large and predictable decrease in income arising from the exhaustion of unemployment insurance (UI) benefits. We use the high-frequency response to a predictable income decline as a new test to distinguish between alternative consumption models. The sensitivity of spending to income we document is inconsistent with rational models of liquidity-constrained households, but is consistent with behavioral models with present-biased or myopic households. Depressed spending after exhaustion also implies that the consumption-smoothing gains from extending UI benefits are four times larger than from raising UI benefit levels. (JEL D14, D91, E21, E24, E70, J65)

The claims and statistics of this paper haven’t been checked yet.

Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.

A few free checks a day · papers already verified open instantly · results are public

Integrity signals

Registry

Crossref · 10.1257/aer.20170537

Cites

1 of 1 references verified0 citation errors · 0 not checkable

Statistics

Claims the paper makes

The claims and statistics of this paper haven’t been checked yet.

Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.

A few free checks a day · papers already verified open instantly · results are public

Claims other papers make about this one

Each is checked against this paper’s own text: does it say what the citing paper says it does?

  • A number of recent papers document marginal propensities to consume out of transitory income that cannot be explained by reasonably-parameterized standard incomplete markets models without severe liquidity constraints.

    “A number of recent papers document marginal propensities to consume out of transitory income that cannot be explained by reasonablyparameterized standard incomplete markets models without severe liquidity constraints.”

    From Buy Now, Pay Later Credit: User Characteristics and Effects on Spending Patterns (2022) · cites this paper as Ganong and Noel (2019)

Self-check

Percentages, sums and reported differences re-computed from the paper’s own numbers.

The self-check needs the paper’s full text.

Cites

Flagged first, then by citations

Research works printed but not linked: 162

  1. Acemoglu, Daron. 1995. "Public Policy in a Model of Long-Term Unemployment." Economica 62 (246): 161-78.
  2. Aguiar, Mark, and Erik Hurst. 2005. "Consumption versus Expenditure." Journal of Political Econ- omy 113 (5): 919-48.
  3. Altonji, Joseph G., and Aloysius Siow. 1987. "Testing the Response of Consumption to Income Changes with (Noisy) Panel Data." Quarterly Journal of Economics 102 (2): 293-328.
  4. Baily, Martin Neil. 1978. "Some Aspects of Optimal Unemployment Insurance." Journal of Public Economics 10 (3): 379-402.
  5. Baker, Scott R., and Constantine Yannelis. 2017. "Income Changes and Consumption: Evidence from the 2013 Federal Government Shutdown." Review of Economic Dynamics 23: 99-124.
  6. Banks, James, Richard Blundell, and Sarah Tanner. 1998. "Is There a Retirement-Savings Puzzle?" American Economic Review 88 (4): 769-88.
  7. Berger, David, Veronica Guerrieri, Guido Lorenzoni, and Joseph Vavra. 2018. "House Prices and Con- sumer Spending." Review of Economic Studies 85 (3): 1502-42.
  8. Bernheim, B. Douglas, Stefano DellaVigna, and David Laibson, eds. 2018. Handbook of Behavioral Economics, Vol. 1. Amsterdam: Elsevier.
  9. Bernheim, B. Douglas, Jonathan Skinner, and Steven Weinberg. 2001. "What Accounts for the Vari- ation in Retirement Wealth among US Households?" American Economic Review 91 (4): 832-57.
  10. Bowman, David, Deborah Minehart, and Matthew Rabin. 1999. "Loss Aversion in a Consump- tion-Savings Model." Journal of Economic Behavior and Organization 38 (2): 155-78.
  11. Browning, Martin, and Thomas F. Crossley. 2001. "Unemployment Insurance Benefit Levels and Con- sumption Changes." Journal of Public Economics 80 (1): 1-23.
  12. Campbell, John Y., and N. Gregory Mankiw. 1989. "Consumption, Income and Interest Rates: Reinter- preting the Time Series Evidence." In NBER Macroeconomics Annual 1989, Vol. 4, edited by Olivier J. Blanchard and Stanley Fischer, 185-246. Cambridge, MA: National Bureau of Economic Research.
  13. Card, David, Raj Chetty, and Andrea Weber. 2007. "The Spike at Benefit Exhaustion: Leaving the Unemployment System or Starting a New Job?" American Economic Review 97 (2): 113-18.
  14. Carroll, Christopher D. 1997. "Buffer-Stock Saving and the Life Cycle/Permanent Income Hypothe- sis." Quarterly Journal of Economics 112 (1): 1-55.
  15. Carroll, Christopher, Jiri Slacalek, Kiichi Tokuoka, and Matthew N. White. 2017. "The Distribution of Wealth and the Marginal Propensity to Consume." Quantitative Economics 8 (3): 977-1020.
  16. Chetty, Raj. 2006. "A General Formula for the Optimal Level of Social Insurance." Journal of Public Economics 90 (10-11): 1879-901.
  17. Chetty, Raj. 2008. "Moral Hazard versus Liquidity and Optimal Unemployment Insurance." Journal of Political Economy 116 (2): 173-234.
  18. Chetty, Raj, and Ádám Szeidl. 2007. "Consumption Commitments and Risk Preferences." Quarterly Journal of Economics 122 (2): 831-77.
  19. Chodorow-Reich, Gabriel, and Loukas Karabarbounis. 2016. "The Cyclicality of the Opportunity Cost of Employment." Journal of Political Economy 124 (6): 1563-618.
  20. Deaton, Angus. 1991. "Saving and Liquidity Constraints." Econometrica 59 (5): 1221-48.
  21. DellaVigna, Stefano, Attila Lindner, Balázs Reizer, and Johannes F. Schmieder. 2017. "Reference-De- pendent Job Search: Evidence from Hungary." Quarterly Journal of Economics 132 (4): 1969- 2018.
  22. East, Chloe N., and Elira Kuka. 2015. "Reexamining the Consumption Smoothing Benefits of Unem- ployment Insurance." Journal of Public Economics 132: 32-50.
  23. Frederick, Shane, George Loewenstein, and Ted O'Donoghue. 2002. "Time Discounting and Time Preference: A Critical Review." Journal of Economic Literature 40 (2): 351-401.
  24. Fuchs-Schündeln, Nicola, and Tarek Alexander Hassan. 2016. "Natural Experiments in Macroeco- nomics." In Handbook of Macroeconomics, Vol. 2, edited by John B. Taylor and Harald Uhlig, 923-1012. Amsterdam: Elsevier.
  25. Gabaix, Xavier, and David Laibson. 2008. "The Seven Properties of Good Models." In The Founda- tions of Positive and Normative Economics. Oxford, UK: Oxford University Press.
  26. Ganong, Peter, and Pascal Noel. 2019. "Consumer Spending during Unemployment: Positive and Nor- mative Implications: Dataset." American Economic Review. https://doi.org/10.1257/aer.20170537.
  27. García, René, Annamaria Lusardi, and Serena Ng. 1997. "Excess Sensitivity and Asymmetries in Consumption: An Empirical Investigation." Journal of Money, Credit, and Banking 29 (2): 154-76.
  28. Gourinchas, Pierre-Oliver, and Jonathan A. Parker. 2002. "Consumption over the Life Cycle." Econo- metrica 70 (1): 47-89.
  29. Gruber, Jonathan. 1997. "The Consumption Smoothing Benefits of Unemployment Insurance." Amer- ican Economic Review 87 (1): 192-205.
  30. Hendren, Nathaniel. 2017. "Knowledge of Future Job Loss and Implications for Unemployment Insur- ance." American Economic Review 107 (7): 1778-823.
  31. Hsieh, Chang-Tai. 2003. "Do Consumers React to Anticipated Income Changes? Evidence from the Alaska Permanent Fund." American Economic Review 93 (1): 397-405.
  32. Jappelli, Tullio, and Luigi Pistaferri. 2010. "The Consumption Response to Income Changes." Annual Review of Economics 2 (1): 479-506.
  33. Johnson, David S., Jonathan A. Parker, and Nicholas S. Souleles. 2006. "Household Expenditure and the Income Tax Rebates of 2001." American Economic Review 96 (5): 1589-610.
  34. Kaplan, Greg, and Giovanni L. Violante. 2014. "A Model of the Consumption Response to Fiscal Stimulus Payments." Econometrica 82 (4): 1199-239.
  35. Katz, Lawrence F., and Bruce D. Meyer. 1990. "The Impact of the Potential Duration of Unemploy- ment Benefits on the Duration of Unemployment." Journal of Public Economics 41 (1): 45-72.
  36. Kolsrud, Jonas, Camille Landais, Peter Nilsson, and Johannes Spinnewijn. 2018. "The Optimal Tim- ing of Unemployment Benefits: Theory and Evidence from Sweden." American Economic Review 108 (4-5): 985-1033.
  37. Kroft, Kory, Fabian Lange, Matthew J. Notowidigdo, and Lawrence F. Katz. 2016. "Long-Term Unemployment and the Great Recession: The Role of Composition, Duration Dependence, and Nonparticipation." Journal of Labor Economics 34 (1): S7-54.
  38. Kroft, Kory, and Matthew J. Notowidigdo. 2016. "Should Unemployment Insurance Vary with the Unemployment Rate? Theory and Evidence." Review of Economic Studies 83 (3): 1092-124.
  39. Krusell, Per, and Anthony A. Smith, Jr. 1998. "Income and Wealth Heterogeneity in the Macroecon- omy." Journal of Political Economy 106 (5): 867-96.
  40. Kueng, Lorenz. 2018. "Excess Sensitivity of High-Income Consumers." Quarterly Journal of Econom- ics 133 (4): 1693-751.
  41. Lusardi, Annamaria. 1996. "Permanent Income, Current Income, and Consumption: Evidence from Two Panel Data Sets." Journal of Business and Economic Statistics 14 (1): 81-90.
  42. McKee, Graham, and Emil Verner. 2015. "The Consumption Response to Extended Unemployment Benefits in the Great Recession." SSRN Scholarly Paper 2630790.
  43. Meyer, Bruce D. 1990. "Unemployment Insurance and Unemployment Spells." Econometrica 58 (4): 757-82.
  44. Mortensen, Dale T. 1977. "Unemployment Insurance and Job Search Decisions." Industrial and Labor Relations Review 30 (4): 505-17.
  45. Nakamura, Emi, and Jon Steinsson. 2018. "Identification in Macroeconomics." Journal of Economic Perspectives 32 (3): 59-86.
  46. Parker, Jonathan A., Nicholas S. Souleles, David S. Johnson, and Robert McClelland. 2013. "Con- sumer Spending and the Economic Stimulus Payments of 2008." American Economic Review 103 (6): 2530-53.
  47. Paserman, M. Daniele. 2008. "Job Search and Hyperbolic Discounting: Structural Estimation and Pol- icy Evaluation." Economic Journal 118 (531): 1418-52.
  48. Passero, William, Thesia I. Garner, and Clinton McCully. 2014. "Understanding the Relationship: CE Survey and PCE." In Improving the Measurement of Consumer Expenditures, edited by Christo- pher D. Carroll, Thomas F. Crossley, and John Sabelhaus, 181-203. Chicago: University of Chi- cago Press.
  49. Rothstein, Jesse, and Robert G. Valletta. 2017. "Scraping By: Income and Program Participation after the Loss of Extended Unemployment Benefits." Journal of Policy Analysis and Management 36 (4): 880-908.
  50. Saunders, Lauren K., and Jillian McLaughlin. 2013. 2013 Survey of Unemployment Prepaid Cards: States Save Workers Millions in Fees; Thumbs Down on Restricting Choice. Boston: National Con- sumer Law Center.
  51. Schmieder, Johannes F., and Till von Wachter. 2017. "A Context-Robust Measure of the Disincentive Cost of Unemployment Insurance." American Economic Review 107 (5): 343-48.
  52. Schmieder, Johannes F., Till von Wachter, and Stefan Bender. 2016. "The Effect of Unemployment Benefits and Nonemployment Durations on Wages." American Economic Review 106 (3): 739-77.
  53. Shapiro, Matthew D., and Joel Slemrod. 2009. "Did the 2008 Tax Rebates Stimulate Spending?" American Economic Review 99 (2): 374-79.
  54. Shea, John. 1995. "Union Contracts and the Life-Cycle/Permanent-Income Hypothesis." American Economic Review 85 (1): 186-200.
  55. Souleles, Nicholas S. 1999. "The Response of Household Consumption to Income Tax Refunds." Amer- ican Economic Review 89 (4): 947-58.
  56. Euiyoung Jung. 2023. Wage rigidity and destabilizing spirals. Journal of Macroeconomics 77, 103546. [Crossref] · DOI
  57. Christian K. Wolf. 2023. The Missing Intercept: A Demand Equivalence Approach. American Economic Review 113:8, 2232-2269. [Abstract] [View PDF article] [PDF with links] · DOI
  58. Akos Horvath, Benjamin Kay, Carlo Wix. 2023. The COVID-19 shock and consumer credit: Evidence from credit card data. Journal of Banking & Finance 152, 106854. [Crossref] · DOI
  59. Scott Boyce, Fangliang He. 2023. Quantifying the drivers of CO2 emissions across Canadian communities using quantile regression. Environmental Impact Assessment Review 101, 107144. [Crossref] · DOI
  60. Nicholas Lawson. 2023. Optimal unemployment policy. Economic Inquiry 61:3, 675-692. [Crossref] · DOI
  61. Amalie Sofie Jensen, Andreas Wiedemann. 2023. Cross-National Support for the Welfare State Under Wealth Inequality. Comparative Political Studies 001041402311683. [Crossref] · DOI
  62. Jonas Maibom, Nikolaj Harmon, Anita Glenny, Jonas Fluchtmann. 2023. Unemployed Job Search across People and over Time: Evidence from Applied-for Jobs. Journal of Labor Economics 90. . [Crossref] · DOI
  63. Zihan Zhang. 2023. Check and Balance Overspending in Average American Household Consumption. Highlights in Business, Economics and Management 7, 1-7. [Crossref] · DOI
  64. Christina Patterson. 2023. The Matching Multiplier and the Amplification of Recessions. American Economic Review 113:4, 982-1012. [Abstract] [View PDF article] [PDF with links] · DOI
  65. Scott R. Baker, Robert A Farrokhnia, Steffen Meyer, Michaela Pagel, Constantine Yannelis. 2023. Income, Liquidity, and the Consumption Response to the 2020 Economic Stimulus Payments. Review of Finance 102. . [Crossref] · DOI
  66. Veronica Minaya, Brendan Moore, Judith Scott-Clayton. 2023. The effect of job displacement on public college enrollment: Evidence from Ohio. Economics of Education Review 92, 102327. [Crossref] · DOI
  67. Selçuk Bedük. 2023. Insured Privately? Wealth Stratification of Job Loss in the UK. Social Inclusion 11:1. . [Crossref] · DOI
  68. Robert Moffitt, John Abowd, Christopher Bollinger, Michael Carr, Charles Hokayem, Kevin McKinney, Emily Wiemers, Sisi Zhang, James Ziliak. 2023. Reconciling Trends in U.S. Male Earnings Volatility: Results from Survey and Administrative Data. Journal of Business & Economic Statistics 41:1, 1-11. [Crossref] · DOI
  69. Andreas I. Mueller, Johannes Spinnewijn. Expectations data, labor market, and job search 677-713. [Crossref] · DOI
  70. Daeha Cho. 2023. Unemployment risk, MPC heterogeneity, and business cycles. Quantitative Economics 14:2, 717-751. [Crossref] · DOI
  71. Francesco Spadafora. 2023. U.S. Unemployment insurance through the Covid-19 crisis. Journal of Government and Economics 9, 100069. [Crossref] · DOI
  72. Ahmed Shaalan, Gomaa Agag, Marwa Tourky. 2023. Harnessing Customer Mindset Metrics to Boost Consumer Spending: A Cross-Country Study on Routes to Economic and Business Growth. British Journal of Management 34:1, 442-465. [Crossref] · DOI
  73. Raphaël Lardeux. Public Finance with Behavioural Agents 10, . [Crossref] · DOI
  74. Rohan Kekre. 2022. Unemployment Insurance in Macroeconomic Stabilization. Review of Economic Studies 88. . [Crossref] · DOI
  75. Cosmin Ilut, Rosen Valchev. 2022. Economic Agents as Imperfect Problem Solvers. The Quarterly Journal of Economics 138:1, 313-362. [Crossref] · DOI
  76. Javier Gardeazabal, Eduardo Polo-Muro. 2022. Cultural expenditure of those who enter (or exit) unemployment. Journal of Cultural Economics 46:4, 571-596. [Crossref] · DOI
  77. Itzik Fadlon, David Laibson. 2022. Paternalism and pseudo-rationality: An illustration based on retirement savings. Journal of Public Economics 216, 104763. [Crossref] · DOI
  78. J. Anthony Cookson, Erik P. Gilje, Rawley Z. Heimer. 2022. Shale shocked: Cash windfalls and household debt repayment. Journal of Financial Economics 146:3, 905-931. [Crossref] · DOI
  79. JEAN-NOËL BARROT, ERIK LOUALICHE, MATTHEW PLOSSER, JULIEN SAUVAGNAT. 2022. Import Competition and Household Debt. The Journal of Finance 77:6, 3037-3091. [Crossref] · DOI
  80. Randall Morck, Bernard Yeung, Lu Y. Zhang. 2022. Idiosyncrasy as a Leading Indicator. Journal of Financial and Quantitative Analysis 77, 1-30. [Crossref] · DOI
  81. Ruchik Patel, Antonino Marvuglia, Paul Baustert, Yilin Huang, Abhishek Shivakumar, Igor Nikolic, Trivik Verma. 2022. Quantifying households' carbon footprint in cities using socioeconomic attributes: A case study for The Hague (Netherlands). Sustainable Cities and Society 86, 104087. [Crossref] · DOI
  82. Kirsten Sehnbruch, Rafael Carranza Navarrete, Dante Contreras Guajardo. 2022. Unemployment Insurance in Transition and Developing Countries: Moral Hazard vs. Liquidity Constraints in Chile. The Journal of Development Studies 58:10, 2089-2109. [Crossref] · DOI
  83. Martin Gervais, Lawrence Warren, Reza Boostani. 2022. Optimal unemployment insurance in a directed search model. Economic Inquiry 60:4, 1473-1496. [Crossref] · DOI
  84. Asger Lau Andersen, Emil Toft Hansen, Niels Johannesen, Adam Sheridan. 2022. Consumer responses to the COVID-19 crisis: evidence from bank account transaction data*. The Scandinavian Journal of Economics 124:4, 905-929. [Crossref] · DOI
  85. Konstantin Bräuer, Andreas Hackethal, Tobin Hanspal. 2022. Consuming Dividends. The Review of Financial Studies 35:10, 4802-4857. [Crossref] · DOI
  86. Michael Gelman. 2022. The Self-Constrained Hand-to-Mouth. The Review of Economics and Statistics 104:5, 1096-1109. [Crossref] · DOI
  87. Michael Gelman, Shachar Kariv, Matthew D. Shapiro, Dan Silverman. 2022. Rational Illiquidity and Consumption: Theory and Evidence from Income Tax Withholding and Refunds. American Economic Review 112:9, 2959-2991. [Abstract] [View PDF article] [PDF with links] · DOI
  88. Irina B. Grafova, Alan C. Monheit, Rizie Kumar. 2022. Income Shocks and Out-of-Pocket Health Care Spending: Implications for Single-Mother Families. Journal of Family and Economic Issues 43:3, 489-500. [Crossref] · DOI
  89. Scott R. Baker, Lorenz Kueng. 2022. Household Financial Transaction Data. Annual Review of Economics 14:1, 47-67. [Crossref] · DOI
  90. Chris Wheat, Fiona Greig, Damon Jones. COVID-19 Effects On Black Business-Owner Households 186-209. [Crossref] · DOI
  91. Steffen Andersen, Philippe d'Astous, Jimmy Martínez-Correa, Stephen H. Shore. 2022. Responses to Eliminating Saving Commitments: Evidence from Mortgage Run-offs. Journal of Money, Credit and Banking 54:5, 1369-1405. [Crossref] · DOI
  92. STEFFEN MEYER, MICHAELA PAGEL. 2022. Fully Closed: Individual Responses to Realized Gains and Losses. The Journal of Finance 77:3, 1529-1585. [Crossref] · DOI
  93. Scott R Baker, Lorenz Kueng, Steffen Meyer, Michaela Pagel. 2022. Consumption Imputation Errors in Administrative Data. The Review of Financial Studies 35:6, 3021-3059. [Crossref] · DOI
  94. Diogo G. C. Britto. 2022. The Employment Effects of Lump-Sum and Contingent Job Insurance Policies: Evidence from Brazil. The Review of Economics and Statistics 104:3, 465-482. [Crossref] · DOI
  95. Christina D. Romer, David H. Romer. 2022. A Social Insurance Perspective on Pandemic Fiscal Policy: Implications for Unemployment Insurance and Hazard Pay. Journal of Economic Perspectives 36:2, 3-28. [Abstract] [View PDF article] [PDF with links] · DOI
  96. Gabriel Chodorow-Reich, Peter Ganong, Jonathan Gruber. 2022. Should We Have Automatic Triggers for Unemployment Benefit Duration and How Costly Would They Be?. AEA Papers and Proceedings 112, 112-116. [Abstract] [View PDF article] [PDF with links] · DOI
  97. Gaston Chaumont, Shouyong Shi. 2022. Wealth accumulation, on-the-job search and inequality. Journal of Monetary Economics 128, 51-71. [Crossref] · DOI
  98. Gregory E. Givens. 2022. UNEMPLOYMENT, PARTIAL INSURANCE, AND THE MULTIPLIER EFFECTS OF GOVERNMENT SPENDING. International Economic Review 63:2, 571-599. [Crossref] · DOI
  99. Stefano DellaVigna, Jörg Heining, Johannes F Schmieder, Simon Trenkle. 2022. Evidence on Job Search Models from a Survey of Unemployed Workers in Germany. The Quarterly Journal of Economics 137:2, 1181-1232. [Crossref] · DOI
  100. Lester Lusher, Geoffrey C. Schnorr, Rebecca L.C. Taylor. 2022. Unemployment Insurance as a Worker Indiscipline Device? Evidence from Scanner Data. American Economic Journal: Applied Economics 14:2, 285-319. [Abstract] [View PDF article] [PDF with links] · DOI
  101. Kyoung Jin Choi, Junkee Jeon, Hyeng Keun Koo. 2022. Intertemporal preference with loss aversion: Consumption and risk-attitude. Journal of Economic Theory 200, 105380. [Crossref] · DOI
  102. Kanishka Misra, Vishal Singh, Qianyun (Poppy) Zhang. 2022. Frontiers: Impact of Stay-at-Home- Orders and Cost-of-Living on Stimulus Response: Evidence from the CARES Act. Marketing Science 41:2, 211-229. [Crossref] · DOI
  103. Anson T. Y. Ho, Lealand Morin, Harry J. Paarsch, Kim P. Huynh. 2022. Consumer credit usage in Canada during the coronavirus pandemic. Canadian Journal of Economics/Revue canadienne d'économique 55:S1, 88-114. [Crossref] · DOI
  104. Deniz Aydin. 2022. Consumption Response to Credit Expansions: Evidence from Experimental Assignment of 45,307 Credit Lines. American Economic Review 112:1, 1-40. [Abstract] [View PDF article] [PDF with links] · DOI
  105. Marçal Farré, Federico Todeschini, Didier Grimaldi, Carlos Carrasco-Farré. Data-driven policy evaluation 197-225. [Crossref] · DOI
  106. Diogo G. C. Britto, Paolo Pinotti, Breno Sampaio. 2022. The Effect of Job Loss and Unemployment Insurance on Crime in Brazil. Econometrica 90:4, 1393-1423. [Crossref] · DOI
  107. Remembrance Chimeri, Isaac Oluwatayo. 2022. The impact of Covid-19 on Household consumption expenditure in South Africa: A macroeconomic perspective. The European Journal of Applied Economics 19:2, 43-53. [Crossref] · DOI
  108. Gabriel Chodorow-Reich, Peter Ganong, Jonathan Gruber. 2022. Should We Have Automatic Triggers for Unemployment Benefit Duration and How Costly Would They Be?. SSRN Electronic Journal 117. . [Crossref] · DOI
  109. Bruno Albuquerque, Alexandra Varadi. 2022. Consumption Effects of Mortgage Payment Holidays: Evidence During the Covid-19 Pandemic. SSRN Electronic Journal 59. . [Crossref] · DOI
  110. Francesco Spadafora. 2022. Don't Let Me Down: Unemployment Insurance in the United States. SSRN Electronic Journal 112. . [Crossref] · DOI
  111. Victor Hernandez Martinez, Kaixin Liu. 2022. The Value of Unemployment Insurance: Liquidity vs. Insurance Value. SSRN Electronic Journal 23. . [Crossref] · DOI
  112. Robert Moffitt, Christopher R. Bollinger, Charles Hokayem, Emily Wiemers, John Maron Abowd, Michael Carr, Kevin L McKinney, Sisi Zhang, James Ziliak. 2022. Reconciling Trends in U.S. Male Earnings Volatility: Results from Survey and Administrative Data. SSRN Electronic Journal 95. . [Crossref] · DOI
  113. Randall K. Morck, Bernard Yin Yeung, Lu Zhang. 2022. Idiosyncrasy as a Leading Indicator. SSRN Electronic Journal 104. . [Crossref] · DOI
  114. Shane Timmons, Deirdre Robertson, Pete Lunn. 2022. Combining Nudges and Boosts to Increase Precautionary Saving. SSRN Electronic Journal 141. . [Crossref] · DOI
  115. Marta Lachowska, Isaac Sorkin, Stephen Woodbury. 2022. Firms and Unemployment Insurance Take-Up. SSRN Electronic Journal 67. . [Crossref] · DOI
  116. David Coyne, Itzik Fadlon, Tommaso Porzio. 2022. Measuring Valuation of Liquidity with Penalized Withdrawals. SSRN Electronic Journal 67. . [Crossref] · DOI
  117. Xiao Yin. 2022. Learning in the Limit: Income Inference from Credit Extension. SSRN Electronic Journal . [Crossref] · DOI
  118. Momi Dahan, Udi Nisan. 2022. Late Payments, Liquidity Constraints and the Mismatch Between Due Dates and Paydays. Water Resources Research 58:1. . [Crossref] · DOI
  119. Richard Johnston, Ryan Hogg, Kristel Miller. 2021. Who is Most Vulnerable? Exploring Job Vulnerability, Social Distancing and Demand During COVID-19. The Irish Journal of Management 40:2, 100-142. [Crossref] · DOI
  120. Camille Landais, Johannes Spinnewijn. 2021. The Value of Unemployment Insurance. The Review of Economic Studies 88:6, 3041-3085. [Crossref] · DOI
  121. Adriana AnaMaria Davidescu, Simona-Andreea Apostu, Aurel Marin. 2021. Forecasting the Romanian Unemployment Rate in Time of Health Crisis-A Univariate vs. Multivariate Time Series Approach. International Journal of Environmental Research and Public Health 18:21, 11165. [Crossref] · DOI
  122. Po-Chun Huang, Tzu-Ting Yang. 2021. The welfare effects of extending unemployment benefits: Evidence from re-employment and unemployment transfers. Journal of Public Economics 202, 104500. [Crossref] · DOI
  123. Robert Bednarzik, Andreas Kern, John Hisnanick. 2021. Displacement and debt -the role of debt in returning to work after displacement. Journal of Financial Economic Policy 13:5, 600-650. [Crossref] · DOI
  124. Scott R. Baker, Brian Baugh, Lorenz Kueng. 2021. Income Fluctuations and Firm Choice. Journal of Financial and Quantitative Analysis 56:6, 2208-2236. [Crossref] · DOI
  125. António Bento Caleiro. 2021. Learning to Classify the Consumer Confidence Indicator (in Portugal). Economies 9:3, 125. [Crossref] · DOI
  126. Nathaniel Hendren, Camille Landais, Johannes Spinnewijn. 2021. Choice in Insurance Markets: A Pigouvian Approach to Social Insurance Design. Annual Review of Economics 13:1, 457-486. [Crossref] · DOI
  127. François Gerard, Gustavo Gonzaga. 2021. Informal Labor and the Efficiency Cost of Social Programs: Evidence from Unemployment Insurance in Brazil. American Economic Journal: Economic Policy 13:3, 167-206. [Abstract] [View PDF article] [PDF with links] · DOI
  128. Zhenling Jiang, Dennis J. Zhang, Tat Chan. 2021. How Do Bonus Payments Affect the Demand for Auto Loans and Their Delinquency?. Journal of Marketing Research 58:3, 476-496. [Crossref] · DOI
  129. Christopher Boone, Arindrajit Dube, Lucas Goodman, Ethan Kaplan. 2021. Unemployment Insurance Generosity and Aggregate Employment. American Economic Journal: Economic Policy 13:2, 58-99. [Abstract] [View PDF article] [PDF with links] · DOI
  130. Gabriel Chodorow-Reich, John Coglianese. 2021. Projecting unemployment durations: A factor-flows simulation approach with application to the COVID-19 recession. Journal of Public Economics 197, 104398. [Crossref] · DOI
  131. François Gerard, Joana Naritomi. 2021. Job Displacement Insurance and (the Lack of ) Consumption- Smoothing. American Economic Review 111:3, 899-942. [Abstract] [View PDF article] [PDF with links] · DOI
  132. David Glancy. 2021. Housing Bust, Bank Lending & Employment: Evidence from Multimarket Banks. Journal of Banking & Finance 95, 106111. [Crossref] · DOI
  133. Iván Bélyácz, Kármen Kovács. 2021. Az egyén kognitív korlátaitól viselkedésének előrejelezhetőségéig. Közgazdasági Szemle 68:2, 132-149. [Crossref] · DOI
  134. Theresa Kuchler, Michaela Pagel. 2021. Sticking to your plan: The role of present bias for credit card paydown. Journal of Financial Economics 139:2, 359-388. [Crossref] · DOI
  135. Mikhail Galashin, Martin Kanz, Ricardo Perez-Truglia. Macroeconomic Expectations and Credit Card Spending 77, . [Crossref] · DOI
  136. Brian Baugh, Itzhak Ben-David, Hoonsuk Park, Jonathan A. Parker. 2021. Asymmetric Consumption Smoothing. American Economic Review 111:1, 192-230. [Abstract] [View PDF article] [PDF with links] · DOI
  137. Michael Gelman. 2021. What drives heterogeneity in the marginal propensity to consume? Temporary shocks vs persistent characteristics. Journal of Monetary Economics 117, 521-542. [Crossref] · DOI
  138. Shubham Goswami, Vineet Chouhan. 2021. Impact of change in consumer behaviour and need prioritisation on retail industry in Rajasthan during COVID-19 pandemic. Materials Today: Proceedings 46, 10262-10267. [Crossref] · DOI
  139. Deniz Aydin. 2021. Consumption Response to Credit Expansions: Evidence from Experimental Assignment of 45,307 Credit Lines. SSRN Electronic Journal . [Crossref] · DOI
  140. Jeppe Druedahl. 2021. High Frequency Income Dynamics. SSRN Electronic Journal 81. . [Crossref] · DOI
  141. Julien Sauvagnat, Boris Vallee. 2021. The Effects of Local Government Financial Distress: Evidence from Toxic Loans. SSRN Electronic Journal 30. . [Crossref] · DOI
  142. Erkki Vihriälä. 2021. Commitment in debt repayment: evidence from a natural experiment. SSRN Electronic Journal 104. . [Crossref] · DOI
  143. Rohan Kekre. 2021. Unemployment Insurance in Macroeconomic Stabilization. SSRN Electronic Journal 88. . [Crossref] · DOI
  144. Baptiste Massenot. 2021. Pain of Paying in Consumption-Saving Decisions. SSRN Electronic Journal 15. . [Crossref] · DOI
  145. Benjamin Collier, Cameron Ellis. 2021. Credit Demand in a Crisis. SSRN Electronic Journal 42. . [Crossref] · DOI
  146. Hyun Yeol Kim. 2021. Internal U.S. Migration and Consumption Dynamics: A Panel Data Analysis. SSRN Electronic Journal 97. . [Crossref] · DOI
  147. Sonia R. Bhalotra, Diogo G.C. Britto, Paolo Pinotti, Breno Sampaio. 2021. Job Displacement, Unemployment Benefits and Domestic Violence. SSRN Electronic Journal 46. . [Crossref] · DOI
  148. Michael Gropper, Camelia M. Kuhnen. 2021. Wealth and Insurance Choices: Evidence from Us Households. SSRN Electronic Journal 123. . [Crossref] · DOI
  149. Chen Lian. 2021. Mistakes in Future Consumption, High Mpcs Now. SSRN Electronic Journal 89. . [Crossref] · DOI
  150. Rebecca Diamond, Enrico Moretti. 2021. Where is Standard of Living the Highest? Local Prices and the Geography of Consumption. SSRN Electronic Journal 105. . [Crossref] · DOI
  151. Randall K. Morck, Bernard Yin Yeung, Lu Zhang. 2021. Idiosyncrasy as a Leading Indicator. SSRN Electronic Journal 104. . [Crossref] · DOI
  152. Herman Donner, Francis Daniel Siciliano. 2021. The Impact of Earned Wage Access on Household Liquidity and Financial Well-Being. SSRN Electronic Journal 99. . [Crossref] · DOI
  153. Michael Gropper, Camelia M. Kuhnen. 2021. Wealth and Insurance Choices: Evidence from US Households. SSRN Electronic Journal 123. . [Crossref] · DOI
  154. Liviu Voinea. Inconvenient Truths 73-107. [Crossref] 100. Eleanor Jawon Choi, Jaewoo Choi, Hyelim Son. 2020. The long-term effects of labor market entry in a recession: Evidence from the Asian financial crisis. Labour Economics 67, 101926. [Crossref] 101. Oğuzhan Çepni, Yavuz Selim Hacıhasanoğlu, Muhammed Hasan Yılmaz. 2020. Credit decomposition and economic activity in Turkey: A wavelet-based approach. Central Bank Review 20:3, 109-131. [Crossref] 102. Neil Bhutta, Jacqueline Blair, Lisa Dettling, Kevin Moore. 2020. COVID-19, the CARES Act, and Families' Financial Security. National Tax Journal 73:3, 645-672. [Crossref] 103. Xavier Gabaix. 2020. A Behavioral New Keynesian Model. American Economic Review 110:8, 2271-2327. [Abstract] [View PDF article] [PDF with links] 104. · DOI
  155. Nathaniel Hendren, Ben Sprung-Keyser. 2020. A Unified Welfare Analysis of Government Policies*. The Quarterly Journal of Economics 135:3, 1209-1318. [Crossref] 105. José G. Montalvo, Amedeo Piolatto, Josep Raya. 2020. Transaction-tax evasion in the housing market. Regional Science and Urban Economics 81, 103526. [Crossref] 106. Johannes Spinnewijn. 2020. The Trade-Off between Insurance and Incentives in Differentiated Unemployment Policies. Fiscal Studies 41:1, 101-127. [Crossref] 107. Katsuhiro Komatsu. 2020. Using Financial Incentives to Mitigate Moral Hazard Costs of Unemployment Insurance. SSRN Electronic Journal . [Crossref] 108. Lester Lusher, Geoffrey Schnorr, Rebecca Taylor. 2020. Unemployment Insurance as a Worker Indiscipline Device? Evidence from Scanner Data. SSRN Electronic Journal . [Crossref] 109. Akos Horvath, Benjamin Kay, Carlo Wix. 2020. The COVID-19 Shock and Consumer Credit: Evidence from Credit Card Data. SSRN Electronic Journal . [Crossref] 110. · DOI
  156. Neil Bhutta, Jacqueline Blair, Lisa J. Dettling, Kevin B. Moore. 2020. COVID-19, the CARES Act, and Families' Financial Security. SSRN Electronic Journal . [Crossref] 111. Natalie Cox, Peter Ganong, Pascal Noel, Joseph Vavra, Arlene Wong, Diana Farrell, Fiona Greig. 2020. Initial Impacts of the Pandemic on Consumer Behavior: Evidence from Linked Income, Spending, and Savings Data. SSRN Electronic Journal . [Crossref] 112. Alexander Bartik, Marianne Bertrand, Feng Lin, Jesse Rothstein, Matthew Unrath. 2020. Measuring the Labor Market at the Onset of the COVID-19 Crisis. SSRN Electronic Journal . [Crossref] 113. · DOI
  157. John M. Coglianese, Brendan M. Price. 2020. Income in the Off-Season: Household Adaptation to Yearly Work Interruptions. SSRN Electronic Journal 97. . [Crossref] 114. Edmund Crawley, Andreas Kuchler. 2020. Consumption Heterogeneity: Micro Drivers and Macro Implications. Finance and Economics Discussion Series 2020:005. . [Crossref] 115. Olivia Kim. 2020. The Economic Impact of Education Spending: Evidence from Self-Employed Households. SSRN Electronic Journal 117. . [Crossref] 116. Alexander W. Butler, Irem Demirci, Umit Gurun, Yessenia Tellez. 2020. Hand to Mouth: Financial Stress and Food Insecurity. SSRN Electronic Journal 115. . [Crossref] 117. Paolo Pinotti, Breno Sampaio, Diogo Britto. 2020. The Effect of Job Loss and Unemployment Insurance on Crime in Brazil. SSRN Electronic Journal 76. . [Crossref] 118. · DOI
  158. Audrey Guo, Andrew C. Johnston. 2020. The Finance of Unemployment Compensation and its Consequence for the Labor Market. SSRN Electronic Journal 107. . [Crossref] 119. Misha Galashin, Martin Kanz, Ricardo Perez-Truglia. 2020. Macroeconomic Expectations and Credit Card Spending. SSRN Electronic Journal 102. . [Crossref] 120. Neil Thakral, Linh Tô. 2020. Anticipation and Consumption. SSRN Electronic Journal 115. . [Crossref] 121. Stefano DellaVigna, Jörg Heining, Johannes F. Schmieder, Simon Trenkle. 2020. Evidence on Job Search Models from a Survey of Unemployed Workers in Germany. SSRN Electronic Journal 63. . [Crossref] 122. Eleanor Jawon Choi, Jaewoo Choi, Hyelim Son. 2019. The Long-Term Effects of Labor Market Entry in a Recession: Evidence from the Asian Financial Crisis. SSRN Electronic Journal . [Crossref] 123. · DOI
  159. Scott R. Baker, Brian Baugh, Lorenz Kueng. 2019. Income Fluctuations and Firm Choice. SSRN Electronic Journal . [Crossref] 124. Po-Chun Huang. 2019. Evaluating the Welfare Effects of Extending Unemployment Insurance Benefits: Evidence from Two Natural Experiments. SSRN Electronic Journal . [Crossref] 125. · DOI
  160. Indrajit Mitra, Yu Xu. 2019. A Labor Market-Based Theory of Interest Rates. SSRN Electronic Journal 43. . [Crossref] 126. Francesco D'Acunto, Alberto Rossi, Michael Weber. 2019. Crowdsourcing Financial Information to Change Spending Behavior. SSRN Electronic Journal 33. . [Crossref] 127. Konstantin Bräuer, Andreas Hackethal, Tobin Hanspal. 2019. Consuming Dividends. SSRN Electronic Journal 15. . [Crossref] 128. · DOI
  161. Kyoung Jin Choi, Junkee Jeon, Hyeng Keun Koo. 2019. An Intertemporal Preference with Risk and Loss Aversion. SSRN Electronic Journal 36. . [Crossref] 129. · DOI
  162. Mark J. Garmaise, Yaron Levi, Hanno N. Lustig. 2019. Spending Less After (Seemingly) Bad News. SSRN Electronic Journal 93. . [Crossref] 130. Jorge Miranda-Pinto, Daniel Murphy, Kieran James Walsh, Eric R. Young. 2019. Saving-Constrained Households. SSRN Electronic Journal 24. . [Crossref] 131. Zhenling Jiang, Dennis Zhang, Tat Chan. 2018. Effects of Bonus on the Demand for Auto Loans and the Long-Term Consequences. SSRN Electronic Journal . [Crossref] 132. Yavuz Arslan, Ahmet Degerli, Gazi Kabas. 2018. Unintended Consequences of Unemployment Insurance Benefits: The Role of Banks. SSRN Electronic Journal 113. . [Crossref] 133. Gaston Rene Chaumont, Shouyong Shi. 2017. Wealth Accumulation, on the Job Search and Inequality. SSRN Electronic Journal 107. . [Crossref] 134. Brian Baugh, Itzhak Ben-David, Hoonsuk Park. 2013. Disentangling Financial Constraints, Precautionary Savings, and Myopia: Household Behavior Surrounding Federal Tax Returns. SSRN Electronic Journal . [Crossref] · DOI

Cited by

Sorted by citations

Authors
Ganong, P., & Noel, P.
Affiliations
  • Harris School of Public Policy, 1155 East 60th Street, Chicago, IL 60637 (email: )
  • Booth School of Business, 5807 South Woodlawn Avenue, Chicago, IL 60637 (email: )
ORCID
Ganong, Peter
Venue
American Economic Review
Publisher
American Economic Association
Published
2019-07-01
Volume
109
Issue
7
Pages
2383-2424
ISSN
0002-8282 (ISSN-L)
DOI
10.1257/aer.20170537
OpenAlex
W2907148004
Cited by
433
References
1
Citations by year
2026: 45 · 2025: 58 · 2024: 85 · 2023: 59 · 2022: 52 · 2021: 60 · 2020: 45 · 2019: 15 · 2018: 11 · 2017: 1 · 2015: 1 · 2013: 1
FWCI
110.94
Type
journal article
Language
en
Open access
Locations
  • American Economic Review (publishedVersion)
  • RePEc: Research Papers in Economics (submittedVersion)
Funders
  • Alfred P. Sloan Foundation (2011-6-22, g-2011-6-22)
  • Harvard University
  • University of Chicago
  • Institute for Quantitative Social Science, Harvard University
  • Washington Center for Equitable Growth
  • Booth School of Business, University of Chicago
  • National Institute on Aging (T32AG000186)
Topics
  • Social Sciences › Business, Management and Accounting › Accounting › Financial Literacy, Pension, Retirement Analysis
  • Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Monetary Policy and Economic Impact
  • Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
Keywords
unemployment, consumer spending, unemployment insurance, income loss, consumption smoothing, present bias, myopia, liquidity constraints

About these checks

Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.

Statistics and arithmetic are recomputed, not judged.

Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.

What counts as a claim ›How we measure confidence ›How we check this ›

Are you an author, or do you see a problem with this page? Request a review