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Working Paper
The household spending response to the 2003 tax cut: evidence from survey data
Lupton, Joseph P.; Sheiner, Louise; Coronado, Julia Lynn (2005)
The Jobs and Growth Tax Relief and Reconciliation Act of 2003 has been described as textbook fiscal stimulus. Using household survey data on the self-reported qualitative response to the tax cuts, we estimate that the boost to aggregate personal consumption expenditures from the child credit rebate and the reduction in withholdings raised the average level of real GDP in the second half of 2003 by 0.2 percent and by 0.3 percent in the first half of 2004. We also show that households in the survey were well aware of their tax cuts and tended to spend equally out of the child credit rebate and ...
Finance and Economics Discussion Series , Paper 2005-32

Journal Article
Consumption, saving and asset accumulation
Motley, Brian (1982-01)
Economic Review , Issue Win , Pages 37-54

Working Paper
Estimating the Euler equation for output
Rudebusch, Glenn D.; Fuhrer, Jeffrey C. (2002)
New Keynesian macroeconomic models have generally emphasized that expectations of future output are a key factor in determining current output. The theoretical motivation for such forward-looking behavior relies on a straightforward generalization of the well-known Euler equation for consumption. In this paper, we use maximum likelihood and generalized method of moments (GMM) methods to explore the empirical importance of output expectations. We find little evidence that rational expectations of future output help determine current output, especially after taking into account the small-sample ...
Working Paper Series , Paper 2002-12

Journal Article
The long-run relationship between consumption and housing wealth in the Eighth District states
Strauss, Jack K.; Rapach, David E. (2006-10)
Regional Economic Development , Issue Oct , Pages 140-147

Journal Article
The effect of tax changes on consumer spending
Steindel, Charles (2001-12)
Many supporters of the tax cut enacted this summer viewed it as an important stimulus to consumer spending. But an analysis of the effects of earlier income tax cuts suggests that the consumer response to such initiatives is, in fact, quite variable. Two conclusions stand out: First, consumers will be more likely to boost spending if the change in tax liabilities is permanent. Second, consumers will wait to increase spending until a tax change affects their take-home pay.
Current Issues in Economics and Finance , Volume 7 , Issue Dec

Working Paper
Habit formation and the comovement of prices and consumption during exchange-rate based stabilization programs
Uribe, Martin (1997)
A defining stylized fact associated with exchange-rate-based (ERB) stabilization programs is that their initial phase is characterized by several years of expansion in private consumption and a gradual appreciation of the real exchange rate. In this paper, I argue that standard optimizing models are unable to account for this empirical regularity, as they predict that, except for the date of announcement of the program, an appreciation of the real exchange rate must necessarily be accompanied by a decline in consumption. I show that this price-consumption problem can be resolved by relaxing ...
International Finance Discussion Papers , Paper 598

Journal Article
Economic activity and demand at high levels
anonymous (1945-12)
Federal Reserve Bulletin , Issue Dec , Pages 1183-1190

Journal Article
The consumer durable goods situation
anonymous (1951-10)
Federal Reserve Bulletin , Issue Oct , Pages 1225-1234

Journal Article
Rising price of energy
Furlong, Frederick T.; Daly, Mary C. (2001)
FRBSF Economic Letter

Journal Article
Estimating intertemporal elasticity of substitution: the case of log- linear restrictions
Mao, Ching-Sheng (1989-11)
Are linear regression models reliable in testing whether high expected real interest rates encourage current savings and deferred consumption? Here, a Monte Carlo test shows that a linear model yields a fairly accurate estimate and small standard error, but is highly susceptible to specification bias.
Economic Review , Volume 76 , Issue Nov , Pages 3-14

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