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dc.contributor.authorJohnson, David S.en
dc.contributor.authorParker, Jonathan A.en
dc.contributor.authorSouleles, Nicholas S.en
dc.date.accessioned2009-01-29T16:07:17Z-
dc.date.available2009-01-29T16:07:17Z-
dc.date.issued2004-
dc.identifier.urihttp://hdl.handle.net/10419/23458-
dc.description.abstractUnder the Economic Growth and Tax Relief Reconciliation Act of 2001, most U.S. taxpayers received a tax rebate between July and September, 2001. The week in which the rebate was mailed was based on the second-to-last digit of the taxpayer's Social Security number, a digit that is effectively randomly assigned. Using special questions about the rebates added to the Consumer Expenditure Survey, we exploit this historically unique experiment to measure the change in consumption expenditures caused by receipt of the rebate and to test the Permanent Income Hypothesis and related models. We find that households spent about 20-40 percent of their rebates on non-durable goods during the three-month period in which their rebates were received, and roughly another third of their rebates during the subsequent three-month period. The implied effects on aggregate consumption demand are significant. The estimated responses are largest for households with relatively low liquid wealth and low income, consistent with liquidity constraints.en
dc.language.isoengen
dc.publisher|aPrinceton University, Woodrow Wilson School of Public and International Affairs |cPrinceton, NJen
dc.relation.ispartofseries|aDiscussion Papers in Economics |x231en
dc.subject.jelE21en
dc.subject.jelH31en
dc.subject.jelE62en
dc.subject.ddc330en
dc.subject.keywordconsumptionen
dc.subject.keywordsavingen
dc.subject.keywordLife-Cycle modelen
dc.subject.keywordPermanent-Income Hypothesisen
dc.subject.keywordliquidity constraints ; fiscal policyen
dc.subject.keywordtax cutsen
dc.subject.keywordtax rebatesen
dc.subject.keywordwindfallsen
dc.subject.stwEinkommensteueren
dc.subject.stwSteuerbegünstigungen
dc.subject.stwVerbraucherausgabenen
dc.subject.stwUSAen
dc.titleHousehold Expenditure and the Income Tax Rebates of 2001-
dc.typeWorking Paperen
dc.identifier.ppn50401725Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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