Spending response to cash transfers to shield households from inflation: evidence from bank accounts
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- dc.contributor.author Aspachs, Oriol
- dc.contributor.author Graziano, Alberto
- dc.contributor.author Mestres, Josep Maria, 1959-
- dc.contributor.author Montalvo, Jose G.
- dc.contributor.author Reynal-Querol, Marta
- dc.date.accessioned 2024-05-27T08:58:06Z
- dc.date.available 2024-05-27T08:58:06Z
- dc.date.issued 2024
- dc.date.updated 2024-05-27T08:58:06Z
- dc.description.abstract We use daily data from a large Spanish financial institution to analyze the spending responses to a one-off cash transfer to mitigate the impact of the surge in inflation during the 2022-2023 period. Using a staggered difference-in-differences estimator robust to treatment effect heterogeneity, we find that most of the expenditure is concentrated around the date of the transfer and that the average marginal propensity to spend is around 30%. The results are robust to changes in the main specification.
- dc.description.sponsorship Financial support from the European Research Council under the European Community Grant Agreement ERC-2021-ADG-101055142, the Ministerio de Ciencia e Innovacion grant AEI/10.13039/501100011033, and the Government of Catalonia (ICREA) is gratefully acknowledged. We are also thankful for the financial support provided by the Spanish Ministry of Economy and Competitiveness, through the Severo Ochoa Program for Centers of Excellence in R&D (SEV-2019).
- dc.format.mimetype application/pdf
- dc.identifier.citation Aspachs O, Graziano A, Mestres J, Montalvo JG, Reynal-Querol M. Spending response to cash transfers to shield households from inflation: evidence from bank accounts. Economics letters. 2024 May;238:111684. DOI: 10.1016/j.econlet.2024.111684
- dc.identifier.doi http://dx.doi.org/10.1016/j.econlet.2024.111684
- dc.identifier.issn 0165-1765
- dc.identifier.uri http://hdl.handle.net/10230/60253
- dc.language.iso eng
- dc.publisher Elsevier
- dc.relation.ispartof Economics letters. 2024 May;238:111684.
- dc.relation.projectID info:eu-repo/grantAgreement/EC/HE/101055142
- dc.rights © 2024 The Author(s). Published by Elsevier B.V. This is an open access article under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc/4.0/
- dc.subject.keyword Marginal propensity to spend
- dc.subject.keyword Inflation
- dc.subject.keyword Administrative data
- dc.subject.keyword High frequency data
- dc.title Spending response to cash transfers to shield households from inflation: evidence from bank accounts
- dc.type info:eu-repo/semantics/article
- dc.type.version info:eu-repo/semantics/publishedVersion