Consumption and Debt Response to Unanticipated Income Shocks: Evidence from a Natural Experiment in Singapore
利用新加坡消费者金融交易面板数据，研究发现意外收入冲击后，消费者每收到1美元平均花费0.80美元，且低流动资产或低信用卡额度者反应更强。
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.