Consumer Response to Tax Rebates
基于2001年美国个人所得税退税调查，发现仅22%的家庭会花掉退税，多数用于储蓄或还债，表明退税对总需求刺激作用有限。
Many households received income tax rebates in 2001 of $300 or $600. These rebates represented advance payments of the tax cut from the new 10 percent tax bracket. Based on a survey of a representative sample of households, this paper finds that only 22 percent of households receiving the rebate would spent it. Instead, they would either save it or use it to pay off debt. This very low rate of spending represents a striking break with past behavior, which would have suggested a much higher rate of spending. The low spending rate implies that the tax rebate provided a very limited stimulus to aggregate demand.