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NATIONAL BUREAU OF ECONOMIC RESEARCH
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Accelerator or Brake? Cash for Clunkers, Household Liquidity, and Aggregate Demand

Daniel Green, Brian T. Melzer, Jonathan A. Parker, Arcenis Rojas

NBER Working Paper No. 22878
Issued in December 2016, Revised in May 2018

---- Acknowledgments ----

The content of this article does not reflect the views or policies of the U.S. Bureau of Labor Statistics or the National Bureau of Economic Research. For helpful comments, we thank Meghan Busse, Gabriel Chodorow-Reich, Laura Erhard, seminar participants at the Federal Reserve Bank of Boston, UC Berkeley, Duke, MIT, Rochester, and UT Austin, the Reserve Bank of Australia Quantitative Macroeconomics Workshop, and participants at the 2015 Annual Meetings of the American Economic Association, where this paper was originally presented under its original title: \Accelerator or Brake? Microeconomic estimates of the 'Cash for Clunkers' and Aggregate Demand." We thank Jonathan Cohen for research assistance and Ryan Pfirrmann-Powell for data work on this project from its inception in 2013 to its first draft in 2014.

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