Showing 1 – 3 of 3 results.
Self-published
Data and code for ""Dynamic Spending Responses to Wealth Shocks: Evidence from Quasi-lotteries on the Stock Market" (ICPSR 196641)
Released/updated on: 2024-07-30
Time period: 2009-01-01--2016-01-01
How much and over what horizon do households adjust their consumption in response to stock market wealth shocks? We address these questions using granular data on spending and stock portfolios from a large bank and exploiting lottery-like variation in gains across investors with similar portfolio characteristics. Consistent with the permanent income hypothesis, spending responses to stock market gains are immediate and persistent. The monthly responses cumulate to marginal propensities to consume of 4.4% over one year and 16% over three years. The results suggest that inattention attenuates household responses to stock market cycles over horizons as long as one year.
Self-published
Data and code for "How do households respond to job loss? Lessons from multiple high-frequenct data sets" (ICPSR 170201)
Released/updated on: 2023-09-12
Time period: 2009-01-01--2016-01-01
How much and through which channels do households self-insure against job loss? Combining data from a large bank and from government sources, we quantify a broad range of responses to job loss in a unified empirical framework. Cumulated over a two-year period, households reduce spending by 30% of their income loss. They mainly self-insure through adjustments of liquid balances, which account for 50% of the income loss. Other channels – spousal labor supply, private transfers, home equity extraction, mortgage refinancing, and consumer credit – contribute less to self-insurance. Both overall self-insurance and the channels vary with household characteristics in intuitive ways.
Self-published
Replication data for: Late Budgets (ICPSR 114801)
Released/updated on: 2019-10-13
Time period: 1988-01-01--2007-01-01
The budget forms the legal basis for government spending, and timely budgets, enacted before the new fiscal year, are an integral part of good governance. This paper examines the causes of late budgets using a unique dataset of budget completion dates for US state governments 1988-2007, constructed from news reports and state budget office surveys. We find 23 percent of state budgets to be late. We show that changing economic circumstances and divided government are the driving forces behind late budgets, which is consistent with a war-of-attrition bargaining model featuring budget baselines and preferences over deviations from such baselines. (JEL C78, D72, H61, H72)