Replication data for: Consumption and Debt Response to Unanticipated Income Shocks: Evidence from a Natural Experiment in Singapore

This paper uses a unique panel dataset of consumer financial transactions to study how consumers respond to an exogenous unanticipated income shock. Consumption rose significantly after the fiscal policy announcement: during the ten subsequent months, for each $1 received, consumers on average spent $0.80. We find a strong
announcement effect -- 19 percent of the response occurs during the
first two-month announcement period via credit cards. Subsequently,
consumers switched to debit cards after disbursement before finally
increasing spending on credit cards in the later months. Consumers
with low liquid assets or with low credit card limit experienced stronger
consumption responses. (JEL D12, D14, E21)