RIEBセミナー「Consumers’ Responses to Stimulus Payments with a Pre-Contribution Design」

論題
Consumers’ Responses to Stimulus Payments with a Pre-Contribution Design (co-author with Marc K. Chan)

報告者
Kamhon KAN（Institute of Economics, Academia Sinica）

Consumers spend a substantial fraction of stimulus payments. This is a well-documented phenomenon that deviates from standard consumption theory’s prediction. This study explains consumers’ reaction to stimulus payments using income nonfungibility by exploiting a unique stimulus voucher program in Taiwan that required a pre-contribution—paying a lump sum cash upfront. As illustrated by our conceptual model assuming income nonfungibility, this effectively shifted a recipient’s non-voucher wealth to voucher wealth, which is primed for spending. We show empirically that this design increased consumer spending per dollar of government subsidy. These results shed light on why consumers react to stimulus programs.

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