What do fiscal stimulus packages mean for household debt?

IF 1.7 4区经济学 Q2 ECONOMICS

Contemporary Economic Policy Pub Date : 2022-09-21 DOI:10.1111/coep.12592

María Pía Olivero, Mikheil Dvalishvili

引用次数: 0

Abstract

We study the links between fiscal stimulus packages during times of crisis and households' liabilities. We do so by using household-level data on income and liabilities from the Consumer Expenditure Survey, and estimating an empirical model along those in the literature on the consumption effects of these packages. We find that receiving a check from the government tends to translate into a reduction in outstanding liabilities for American households. This effect is robust to controlling for income levels and household size. The effects are driven by households whose income is below the median and by those who remain employed during the crisis.

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财政刺激方案对家庭债务意味着什么？

我们研究了危机时期的财政刺激方案与家庭负债之间的联系。我们通过使用消费者支出调查中关于收入和负债的家庭层面数据来做到这一点，并根据文献中关于这些一揽子计划的消费影响的经验模型进行估计。我们发现，收到政府的支票往往会减少美国家庭的未偿债务。这种影响对于控制收入水平和家庭规模是强有力的。这种影响是由收入低于中位数的家庭和在危机期间仍有工作的家庭造成的。当控制与消费者债务水平相关的人口特征时，我们发现老年消费者、女性和非少数民族更有可能使用刺激付款来偿还债务。此外，总体影响似乎主要是由抵押贷款债务推动的。进行基于核心的统计区域层面分析，以估计2007-09年经济衰退期间，在经济衰退前消费者债务与收入比率不同的地理区域，财政支出如何影响经济增长。他们发现，在消费者负债较高的经济衰退开始地区，财政乘数更高。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Contemporary Economic Policy Multiple-

CiteScore

3.10

自引率

6.70%

发文量

期刊介绍： Contemporary Economic Policy publishes scholarly economic research and analysis on issues of vital concern to business, government, and other decision makers. Leading western scholars, including three Nobel laureates, are among CEP"s authors. The objectives are to communicate results of high quality economic analysis to policymakers, focus high quality research and analysis on current policy issues of widespread concern, increase knowledge among economists of features of the economy key to understanding the impact of policy, and to advance methods of policy analysis.