Do Household Finances Constrain Unconventional Fiscal Policy?

Scott R. Baker, Lorenz Kueng, Leslie McGranahan, Brian T. Melzer

NBER Working Paper No. 25212
Issued in November 2018

---- Acknowledgments ----

We would like to thank Robert Moffitt for comments on earlier drafts and participants at the Workshop on New Consumption Data in Copenhagen and the NBER Tax Policy and the Economy Conference for valuable feedback. Jacqueline Craig provided excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research, the Federal Reserve Bank of Chicago or the Federal Reserve System.

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