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Contribution Details
| Type | Working Paper |
| Scope | Discipline-based scholarship |
| Title | Spend or invest? Analyzing MPC heterogeneity across three stimulus programs |
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| Institution | Swiss Finance Institute |
| Series Name | Swiss Finance Institute Research Paper |
| Number | 23-57 |
| ISSN | 1556-5068 |
| Number of Pages | 42 |
| Date | 2023 |
| Abstract Text | I employ data gathered by an account aggregator app covering the universe of user transactions to study the effects of three waves of stimulus checks on U.S. households’ investments, consumption, and savings. I analyze within-person variation in consumption sensitivity showing that higher liquidity and debt levels lead to smaller consumption responses. Using relative timing of stimulus and tax refunds, I illustrate the role of liquidity. Lastly, I estimate marginal propensities to invest and show a strong effect on market participation. There is a significant gender gap in the use of funds for investment. |
| Official URL | https://www.sfi.ch/en/publications/n-23-57-spend-or-invest-analyzing-mpc-heterogeneity-across-three-stimulus-programs |
| Digital Object Identifier | 10.2139/ssrn.4270518 |
| Other Identification Number | merlin-id:23535 |
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| Keywords | Consumption, marginal propensity to consume, household debt, stimulus, liquidity, retail investments |