MPCs of ABCs: The housing wealth effect for affluent boomers with credit
利用桑迪胡克枪击案对当地房价的外生冲击，结合个人支出数据，发现房价每下降1美元，信用卡消费减少约4.2美分，年边际消费倾向约9美分，且主要由有信用的中年消费者驱动。
Abstract This paper combines exogenous variation in house prices with anonymized individual‐level expenditures data to identify a causal channel from housing wealth to consumption. We show that the Sandy Hook school shooting provided a large negative exogenous shock to local housing which lowered credit card spending by about 4.2 cents for each $1 fall in house prices: rescaled this translates to an annual marginal propensity to consume (MPC) of about 9 cents on the dollar. These consumption sensitivities are driven entirely by creditworthy middle‐aged consumers, with those closest to the retirement threshold reacting the strongest.