Liquidity Constraint Tightness and Consumer Responses to Fiscal Stimulus Policy

Publikation: Bidrag til tidsskriftTidsskriftartikelfagfællebedømt

Standard

Liquidity Constraint Tightness and Consumer Responses to Fiscal Stimulus Policy. / Kreiner, Claus Thustrup; Lassen, David Dreyer; Leth-Petersen, Søren.

I: American Economic Journal: Economic Policy, Bind 11, Nr. 1, 02.2019, s. 351-379.

Publikation: Bidrag til tidsskriftTidsskriftartikelfagfællebedømt

Harvard

Kreiner, CT, Lassen, DD & Leth-Petersen, S 2019, 'Liquidity Constraint Tightness and Consumer Responses to Fiscal Stimulus Policy', American Economic Journal: Economic Policy, bind 11, nr. 1, s. 351-379. https://doi.org/10.1257/pol.20140313

APA

Kreiner, C. T., Lassen, D. D., & Leth-Petersen, S. (2019). Liquidity Constraint Tightness and Consumer Responses to Fiscal Stimulus Policy. American Economic Journal: Economic Policy, 11(1), 351-379. https://doi.org/10.1257/pol.20140313

Vancouver

Kreiner CT, Lassen DD, Leth-Petersen S. Liquidity Constraint Tightness and Consumer Responses to Fiscal Stimulus Policy. American Economic Journal: Economic Policy. 2019 feb.;11(1):351-379. https://doi.org/10.1257/pol.20140313

Author

Kreiner, Claus Thustrup ; Lassen, David Dreyer ; Leth-Petersen, Søren. / Liquidity Constraint Tightness and Consumer Responses to Fiscal Stimulus Policy. I: American Economic Journal: Economic Policy. 2019 ; Bind 11, Nr. 1. s. 351-379.

Bibtex

@article{5ac2b167e81344c0a3233a990c0a624c,
title = "Liquidity Constraint Tightness and Consumer Responses to Fiscal Stimulus Policy",
abstract = "The marginal interest rate is the price at which a household can access additional liquidity. Consumption theory posits that variation in marginal interest rates 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 are 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.",
author = "Kreiner, {Claus Thustrup} and Lassen, {David Dreyer} and S{\o}ren Leth-Petersen",
year = "2019",
month = feb,
doi = "10.1257/pol.20140313",
language = "English",
volume = "11",
pages = "351--379",
journal = "American Economic Journal: Economic Policy",
issn = "1945-7731",
publisher = "American Economic Association",
number = "1",

}

RIS

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T1 - Liquidity Constraint Tightness and Consumer Responses to Fiscal Stimulus Policy

AU - Kreiner, Claus Thustrup

AU - Lassen, David Dreyer

AU - Leth-Petersen, Søren

PY - 2019/2

Y1 - 2019/2

N2 - The marginal interest rate is the price at which a household can access additional liquidity. Consumption theory posits that variation in marginal interest rates 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 are 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.

AB - The marginal interest rate is the price at which a household can access additional liquidity. Consumption theory posits that variation in marginal interest rates 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 are 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.

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U2 - 10.1257/pol.20140313

DO - 10.1257/pol.20140313

M3 - Journal article

AN - SCOPUS:85061927081

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SP - 351

EP - 379

JO - American Economic Journal: Economic Policy

JF - American Economic Journal: Economic Policy

SN - 1945-7731

IS - 1

ER -

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