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dc.contributor.authorAcconcia, A.en
dc.contributor.authorCorsetti, G.en
dc.contributor.authorSimonelli, S.en
dc.date.accessioned2016-04-22T15:01:46Z
dc.date.available2016-04-22T15:01:46Z
dc.date.issued2015-03-25en
dc.identifier.otherCWPE1553
dc.identifier.urihttps://www.repository.cam.ac.uk/handle/1810/255312
dc.description.abstractExploiting three Italian earthquakes as quasi-experiments, we analyze the response of homeowners' consumption to targeted transfers, financing housing reconstruction over time. Like loans, these transfers mainly affect the liquidity of households' wealth in the short run: we show that they have no effect on consumption over a multi-year horizon. Yet, the access to reconstruction funds has significantly heterogeneous effects on impact: it strongly raises non-durable consumption by households with low liquidity and bank debt (the 'wealthy-hand-to-mouth'); it makes no difference for liquid households. Consistently, in either group, consumption is insensitive to transfer funds that accrue directly to firms.en
dc.publisherFaculty of Economics
dc.relation.ispartofseriesCambridge Working Papers in Economics
dc.rightsAll Rights Reserveden
dc.rights.urihttps://www.rioxx.net/licenses/all-rights-reserved/en
dc.subjectConsumptionen
dc.subjectLiquidityen
dc.subjectMortgageen
dc.subjectQuasi-experimenten
dc.subjectPublic Transfers.en
dc.titleThe Consumption Response to Liquidity-Enhancing Transfers: Evidence from Italian Earthquakesen
dc.typeWorking Paperen
dc.identifier.doi10.17863/CAM.5769


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