Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments May 8, 2023 erstellt
Beschreibung:
The US Census Bureau asked households how they spent stimulus payments over 2020 and 2021. Controlling for many demographic variables, we find that while for the 2020 payments the fraction of mostly-spending households was declining in pre-COVID income, in 2021 this stimulus spending distribution was U-shaped. The theory of Miranda-Pinto et al. (2022, 2023) offers an explanation for these results: in crisis times, such as 2020, liquidity constraints are binding for poorer households, rendering them anxious to consume, whereas in a normalized economy (2021) many poorer households are anxious to save or service debt due to expenditure shocks