000			01201nam a22001457a 4500
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100			_aAcconcia, Antonio et al _926149
245			_aLiquidity and consumption: Evidence from three post-earthquake reconstruction programs in Italy
260			_aAmerican Economic Journal Macroeconomic
300			_a12(3), Jul, 2020: p.319-346
520			_aIn Italian regions hit by earthquakes, homeowners typically receive public funds to finance reconstruction. While these funds are strictly tied to reconstruction work, they are in part disbursed up front, leading to significant variation in cash on hand. We exploit this variation to study the effects of liquidity on relatively wealthy households' consumption. We find a large and significant response in the first year that homeowners receive the cash and provide evidence that this response is driven by illiquid households with bank debt. Instead, we find no evidence that consumption responds to funds paid directly to firms, thus leaving households' liquidity unaffected. – Reproduced
773			_aAmerican Economic Journal Macroeconomic
906			_aDISASTER MANAGEMENT - ITALY
942			_cAR