Check in the mail or more in the paycheck: does the effectiveness of fiscal stimulus depend on how it is delivered?

Recent fiscal policies have aimed to stimulate household spending. In 2008, most households received one-time economic stimulus payments. In 2009, most working households received the Making Work Pay tax credit in the form of reduced withholding; other households, mainly retirees, received one-time payments. This paper quantifies the spending response to these different policies and examines whether the spending response differed according to whether the stimulus was delivered as a one-time payment or as a flow of payments in the form of reduced withholding. Based on responses from a representative sample of households in the Thomson Reuters/University of Michigan Surveys of Consumers, the paper finds that the reduction in withholding led to a substantially lower rate of spending than the one-time payments. Specifically, 25 percent of households reported that the one-time economic stimulus payment in 2008 led them to mostly increase their spending while only 13 percent reported that the extra pay from the lower withholding in 2009 led them to mostly increase their spending. The paper uses several approaches to isolate the effect of the delivery mechanism from the changing aggregate and individual conditions. Responses to a hypothetical stimulus in 2009, examination of “free responses” concerning differing responses to the policies, and regression analysis controlling for individual economic conditions and demographics all support the primary importance of the income delivery mechanism in determining the spending response to the policies. JEL Classification: H31, E62, C83Fiscal Stimulus, Marginal Propensity to Consume, survey responses, tax rebates

Check in the Mail or More in the Paycheck: Does the Effectiveness of Fiscal Stimulus Depend on How It Is Delivered?

Recent fiscal policies have aimed to stimulate household spending. In 2008, most households received one-time economic stimulus payments. In 2009, most working households received the Making Work Pay tax credit in the form of reduced withholding; other households, mainly retirees, received one-time payments. This paper quantifies the spending response to these different policies and examines whether the spending response differed according to whether the stimulus was delivered as a one-time payment or as a flow of payments in the form of reduced withholding. Based on responses from a representative sample of households in the Thomson Reuters/University of Michigan Surveys of Consumers, the paper finds that the reduction in withholding led to a substantially lower rate of spending than the one-time payments. Specifically, 25 percent of households reported that the one-time economic stimulus payment in 2008 led them to mostly increase their spending while only 13 percent reported that the extra pay from the lower withholding in 2009 led them to mostly increase their spending. The paper uses several approaches to isolate the effect of the delivery mechanism from the changing aggregate and individual conditions. Responses to a hypothetical stimulus in 2009, examination of ?free responses? concerning differing responses to the policies, and regression analysis controlling for individual economic conditions and demographics all support the primary importance of the income delivery mechanism in determining the spending response to the policies.Fiscal stimulus, tax rebates, marginal propensity to consume, survey responses

Imputing Risk Tolerance from Survey Responses

Economic theory assigns a central role to risk preferences. This paper develops a measure of relative risk tolerance using responses to hypothetical income gambles in the Health and Retirement Study. In contrast to most survey measures that produce an ordinal metric, this paper shows how to construct a cardinal proxy for the risk tolerance of each survey respondent. The paper also shows how to account for measurement error in estimating this proxy and how to obtain consistent regression estimates despite the measurement error. The risk tolerance proxy is shown to explain differences in asset allocation across households.

Konsum ökologischer Milch aus gesundheitlichen Gründen - Eine qualitative Erhebung auf deutschen Demeter Milchviehbetrieben und bei ihren Kunden

Supposedly beneficial nutritional compositions were found in organic milk. Studies report that the consumption of organic milk products affects health eg. prevention of eczema in children. Single cases describe a better digestibility of organic milk for consumers suffering from diverse atopic disorders and food allergies. To clarify whether this is a real phenomenon, a survey in combination with interviews was carried out on bio-dynamic milk farms and with affected consumers in Germany. The results show that there are consumers which are buying fresh bio-dynamic raw milk because of a better personal digestibility

Check in the Mail or More in the Paycheck: Does the Effectiveness of Fiscal Stimulus Depend on How It Is Delivered?

Recent fiscal policies, including the 2008 stimulus payments and the 2009 Making Work Pay tax credit, aimed to increase household spending. This paper quantifies the spending response to these policies and examines differences in spending by whether the stimulus was delivered as a one-time payment or as a flow of payments from reduced withholding. Based on responses from a representative sample of households in the Thomson Reuters/University of Michigan Surveys of Consumers, the paper finds that the reduction in withholding in 2009 boosted spending at roughly half the rate (13 percent) as the one-time payments (25 percent) in 2008.

Risk Preferences in the PSID: Individual Imputations and Family Covariation

Survey measures of preference parameters provide a means for accounting for otherwise unobserved heterogeneity.This paper presents measures of relative risk tolerance based on responses to survey questions about hypothetical gambles over lifetime income.It discusses how to impute estimates of utility function parameters from the survey responses using a statistical model that accounts for survey response error. There is substantial heterogeneity in true preference parameters even after survey response error is taken into account.The paper discusses how to use the preference parameters imputed from the survey responses in regression models as a control for differences in preferences across individuals. This paper focuses on imputations for respondents in the Panel Study of Income Dynamics (PSID).It also studies the covariation of risk preferences among members of households.It finds fairly strong covariation in attitudes about risk -- between parents and children and especially between siblings and between spouses.

Competition of fusion and quasi-fission in the reactions leading to production of the superheavy elements

The mechanism of fusion hindrance, an effect observed in the reactions of cold, warm and hot fusion leading to production of the superheavy elements, is investigated. A systematics of transfermium production cross sections is used to determine fusion probabilities. Mechanism of fusion hindrance is described as a competition of fusion and quasi-fission. Available evaporation residue cross sections in the superheavy region are reproduced satisfactorily. Analysis of the measured capture cross sections is performed and a sudden disappearance of the capture cross sections is observed at low fusion probabilities. A dependence of the fusion hindrance on the asymmetry of the projectile-target system is investigated using the available data. The most promising pathways for further experiments are suggested.Comment: 8 pages, 7 figures, talk presented at 7th International School-Seminar on Heavy-Ion Physics, May 27 - June 1, 2002, Dubna, Russi

Sensing low concentrations of CO using flame-spray-made Pt/SnO2 nanoparticles

Tin dioxide nanoparticles of different sizes and platinum doping contents were synthesized in one step using the flame spray pyrolysis (FSP) technique. The particles were used to fabricate semiconducting gas sensors for low level CO detection, i.e. with a CO gas concentration as low as 5ppm in the absence and presence of water. Post treatment of the SnO2 nanoparticles was not needed enabling the investigation of the metal oxide particle size effect. Gas sensors based on tin dioxide with a primary particle size of 10nm showed signals one order of magnitude higher than the ones corresponding to the primary particle size of 330nm. In situ platinum functionalization of the SnO2 during FSP synthesis resulted in higher sensor responses for the 0.2wt% Pt-content than for the 2.0wt% Pt. The effect is mainly attributed to catalytic consumption of CO and to the associated reduced sensor response. Pure and functionalized tin dioxide nanoparticles have been characterized by Brunauer, Emmett and Teller (BET) surface area determination, X-ray diffraction (XRD), high resolution transmission electron microscopy (HRTEM) and scanning transmission electron microscopy (STEM) while the platinum oxidation state and dispersion have been investigated by X-ray photoelectron spectroscopy (XPS) and extended X-ray absorption fine structure (EXAFS). The sensors showed high stability (up to 20days) and are suitable for low level CO detection: <10ppm according to European and 50ppm according to US legislation, respectivel

A data mining approach to the SAR values over large MR image repositories

Purpose: In magnetic resonance imaging, the radiofrequency energy absorption arises as one of the main safety concerns, being mainly related with increased body temperature. Monitoring radiofrequency absorption is achieved by the estimation of specific absorption rate (SAR), whose implementation lies on equipment manufacturers, which in turn are not totally enlightening about its calculus. This work presents an exploratory approach of whole-body SAR values stored in DICOM metadata aiming to find correlation with body weight, body mass index (BMI), gender and pulse sequences for abdominal/pelvic (17.812 series) and head (29.907 series) studies. Methods and Materials: All studies were acquired in a 3 Tesla scanner with high-performance gradients. Data were extracted using Dicoogle, a DICOM metadata mining tool. Several DICOM tags were analysed (e.g. patient weight, height, gender, sequence name). For each study type, specifically weighted pulse sequences were related with weight, BMI and gender through boxplot diagrams, statistical and effect size analysis. Results: SAR limits were never exceeded. Generally, SAR values tended to decrease with increasing body weight and BMI values for abdominal/pelvic studies. On the other hand, head studies showed different trends regarding distinct pulse sequences. SAR values tend to be higher in male individuals (p<0,05). As expected, turbo spin echo sequences present the highest SAR values. The values found for echo gradient spoiled sequence (FLASH) were also high. Conclusion: It is confirmed that SAR estimates are related with the analysed variables. An individual examination of pulse sequences is recommended to observe trends regarding weight, BMI or gender.publishe