Plausibly Exogenous [1497] - Income Shock (03/08/2024)
LHS Variable
Consumption and Debt
RHS Variable
Income Shock
Source of Exogenous Variation
Policy experiment by the Singapore government: On February 18, 2011, in a surprise announcement as part of the budget speech, the government announced the Growth Dividend Program, a one-time cash payout of US $1.17 billion, ranging from US$78 to US$702 per person to 2.5 million adult Singaporeans
- Agarwal and Qian (2014), “Consumption and debt response to unanticipated income shocks: Evidence from a natural experiment in Singapore”