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Replication data for: Consumption and Debt Response to Unanticipated Income Shocks: Evidence from a Natural Experiment in Singapore

Version
V0
Resource Type
Dataset
Creator
  • Agarwal, Sumit
  • Qian, Wenlan
Publication Date
2014-12-01
Description
  • Abstract

    This paper uses a unique panel dataset of consumer financial transactions to study how consumers respond to an exogenous unanticipated income shock. Consumption rose significantly after the fiscal policy announcement: during the ten subsequent months, for each $1 received, consumers on average spent $0.80. We find a strong announcement effect -- 19 percent of the response occurs during the first two-month announcement period via credit cards. Subsequently, consumers switched to debit cards after disbursement before finally increasing spending on credit cards in the later months. Consumers with low liquid assets or with low credit card limit experienced stronger consumption responses. (JEL D12, D14, E21)
Availability
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Relations
  • Is supplement to
    DOI: 10.1257/aer.104.12.4205 (Text)
Publications
  • Agarwal, Sumit, and Wenlan Qian. “Consumption and Debt Response to Unanticipated Income Shocks: Evidence from a Natural Experiment in Singapore.” American Economic Review 104, no. 12 (December 2014): 4205–30. https://doi.org/10.1257/aer.104.12.4205.
    • ID: 10.1257/aer.104.12.4205 (DOI)

Update Metadata: 2020-05-18 | Issue Number: 2 | Registration Date: 2019-12-06

Agarwal, Sumit; Qian, Wenlan (2014): Replication data for: Consumption and Debt Response to Unanticipated Income Shocks: Evidence from a Natural Experiment in Singapore. Version: V0. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/E116118