Sahm Claudia R, Shapiro Matthew D, Slemrod Joel
Sahm: Federal Reserve Board, Washington, DC 20551 (
Am Econ J Econ Policy. 2012 Aug;4(3):216-50. doi: 10.1257/pol.4.3.216.
Recent fiscal policies, including the 2008 stimulus payments and the 2009 Making Work Pay Tax Credit, aimed to increase household spending. This paper quantifies the spending response to these policies and examines differences in spending by whether the stimulus was delivered as a one-time payment or as a flow of payments from reduced withholding. Based on responses from a representative sample of households in the Thomson Reuters University of Michigan Surveys of Consumers, the paper finds that the reduction in withholding in 2009 boosted spending at roughly half the rate (13 percent) as the one-time payments (25 percent) in 2008.
近期的财政政策，包括2008年的刺激性支付和2009年的“工作付酬税收抵免”，旨在增加家庭支出。本文对这些政策的支出反应进行了量化，并考察了刺激措施是以一次性支付还是以减少预扣税款的支付流形式发放时的支出差异。基于汤森路透/密歇根大学消费者调查中具有代表性的家庭样本的反馈，本文发现，2009年预扣税款的减少对支出的提振速度约为2008年一次性支付（25%）的一半（13%）。
