ECIN Replication Package for "MPCs of ABCs: The Household Wealth Effects for Affluent Boomers with Credit"

This paper combines exogenous variation in house prices with anonymized individual-level expenditure data to identify a causal channel from housing wealth to consumption. We show that the Sandy Hook school shooting provided a large negative exogenous shock to local housing, which lowered credit card spending by about 4.2 cents for each \$1 fall in house prices: rescaled this translates to an annual marginal propensity to consume (MPC) of about 9 cents on the dollar. These consumption sensitivities are driven entirely by creditworthy middle-aged consumers, with those closest to the retirement threshold reacting the strongest.

本研究将房价的外生变动与匿名化的个体层面支出数据相结合，以识别住房财富影响消费的因果传导路径。我们发现，桑迪胡克校园枪击事件对当地房地产市场造成了显著的负面外生冲击，致使每1美元的房价下跌对应信用卡支出减少约4.2美分；经重新标度后，这一结果换算为年度边际消费倾向（MPC）约为每美元9美分。此类消费敏感度完全由信用良好的中年消费者所驱动，其中最接近退休年龄的群体反应最为强烈。