The 2020 CARES Act directed large cash payments to households. We analyze households'
spending responses using data from a Fintech nonprofit, exploring heterogeneity by income …

Using de-identified bank account data, we show that spending drops sharply at the large
and predictable decrease in income arising from the exhaustion of unemployment insurance …

The increasing availability of data derived from linked consumer financial accounts has the
potential to dramatically expand the potential for research. Examining the most …

We show that mutual fund investors rely on simple signals and likely do not engage in
sophisticated learning about managers' alpha as widely believed. Simplistic performance …

Household-level data on consumer expenditures underpin a wide range of empirical
research in modern economics, spanning micro-and macroeconomics. This research …

We study the consumption response to typical labor income shocks and investigate how
these vary by wealth and race. First, we estimate the elasticity of consumption with respect to …

ABSTRACT Using the Consumer Expenditure Survey and variation in amount, receipt, and
timing of receipt of Economic Impact Payments (EIPs) authorized by the CARES Act, this …

In a field experiment that constructs a randomized credit limit shock, participants borrow to
spend 11 cents on the dollar in the first quarter and 28 cents by the third year. Effects extend …

We use data from an online financial service to show that many consumers fail to stick to
their self-set debt paydown plans. This behavior is best explained by present bias. Our …

In recent years, the concept of mental accounting has been widely used in the literature to
investigate its influence on decision-making processes related to savings, investment, debt …