000			01239nam a22001577a 4500
999			_c517119 _d517119
008			210701b ||||| |||| 00| 0 eng d
100			_aGross, T. Notowidigdo, Matthew J. and Wang Jialan _926139
245			_aThe Marginal Propensity to Consume over the Business Cycle
260			_aAmerican Economic Journal Macroeconomic 4
300			_a12(2), Apr, 2020: p.351-384
520			_aWe estimate how the marginal propensity to consume (MPC) out of liquidity varies over the business cycle. Ten years after a Chapter 7 bankruptcy, the bankruptcy flag is removed from the filer's credit report, generating an increase in credit score. In the year following flag removal, credit card limits increase by $778 and credit card balances increase by $290, implying an MPC of 0.37. Using cohorts of flag removals, we find that the MPC was 20 to 30 percent higher during the Great Recession, increased during the 2001 recession, and is positively correlated with the local unemployment rate. – Reproduced
650			_aEmployment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity _926140
773			_aAmerican Economic Journal Macroeconomic
906			_aWAGES
942			_cAR