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SUMMARY:Spend or Invest? Analyzing MPC Heterogeneity Across Three Stimulus
  Programs
DTSTART:20231107T121500
DTEND:20231107T131500
DTSTAMP:20260916T052757Z
UID:62b5bac5055213d5c12bdf399e852327c3840fe9e20632fe3f20fd09
CATEGORIES:Conferences - Seminars
DESCRIPTION:Jan Toczynski\, Postdoc SFI@EPFL\nWhat drives within-person va
 riation in the use of windfall income? We employ granular transaction data
  gathered by an account aggregator application to study how personal circu
 mstances drive cross-sectional and within-person variation in the marginal
  propensity to consume (MPC) across the three pandemic stimulus programs. 
 We apply a robust imputation estimator to recover the distribution of spen
 ding responses and show that liquidity constraints and debt play a crucial
  role in explaining variation in MPCs over time. In particular\, we docume
 nt the substitution between consumption spending and debt repayments. High
 er indebtendness is associated with lower consumption responses due to a d
 irect crowding-out effect. We further document a modest effect of fiscal t
 ransfers on retail investments but a strong effect on market participation
  with a large gender gap in the propensity to invest.
LOCATION:UniL Campus\, Room Extra 126
STATUS:CONFIRMED
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