The Spending and Debt Response to Minimum Wage Hikes
The Spending and Debt Response to Minimum Wage Hikes
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DOI：
10.1257/aer.102.7.3111
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发表时间：
2012-12-01
影响因子：
10.7
通讯作者：
French, Eric
中科院分区：
文献类型：
--
作者：
Aaronson, Daniel;Agarwal, Sumit;French, Eric
最低工资上调后，家庭收入平均每季度增加约250美元，拥有最低工资工人的家庭每季度支出约700美元。大多数支出反应是由少数家庭购买车辆引起的。此外，我们发现，高支出水平是通过增加抵押债务融资的。我们的研究结果与一个模型是一致的，在这个模型中，家庭可以以耐用品为抵押借款，并面临调整耐用品库存的成本。
Immediately following a minimum wage hike, household income rises on average by about $250 per quarter and spending by roughly $700 per quarter for households with minimum wage workers. Most of the spending response is caused by a small number of households who purchase vehicles. Furthermore, we find that the high spending levels are financed through increases in collateralized debt. Our results are consistent with a model where households can borrow against durables and face costs of adjusting their durables stock.