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THE EFFECTS OF FISCAL STIMULUS: EVIDENCE FROM THE 2009 CASH FOR CLUNKERS PROGRAM
Ist Teil von
The Quarterly journal of economics, 2012-08, Vol.127 (3), p.1107-1142
Ort / Verlag
Oxford: Oxford University Press
Erscheinungsjahr
2012
Link zum Volltext
Quelle
Oxford Journals 2020 Social Sciences
Beschreibungen/Notizen
We evaluate the impact of the 2009 Cash for Clunkers program on shortand medium-run auto purchases. Our empirical strategy exploits variation across U.S. cities in ex ante exposure to the program as measured by the number of "clunkers" in the city as of summer 2008. We find that the program induced the purchase of an additional 370,000 cars in July and August 2009. However, we find strong evidence of reversal; high clunker counties bought fewer autos in the 10 months after the program expired, which offset most of the initial purchases. We find no evidence of an effect on employment, house prices, or household default rates in cities with higher exposure to the program.