Household Expenditure and the Income Tax Rebates of 2001
利用消费者支出调查数据，研究2001年联邦所得税退税对家庭消费的影响，发现家庭在收到退税后三个月内将20%-40%用于非耐用品消费，累计六个月支出约三分之二，且低收入、低流动性资产家庭反应更大，支持流动性约束假说。
Using questions expressly added to the Consumer Expenditure Survey, we estimate the change in consumption expenditures caused by the 2001 federal income tax rebates and test the permanent income hypothesis. We exploit the unique, randomized timing of rebate receipt across households. Households spent 20 to 40 percent of their rebates on nondurable goods during the three-month period in which their rebates arrived, and roughly two-thirds of their rebates cumulatively during this period and the subsequent three-month period. The implied effects on aggregate consumption demand are substantial. Consistent with liquidity constraints, responses are larger for households with low liquid wealth or low income.