00000nam 2200000za 4500 9.853697 CaOODSP 20240828142257 cr ||||||||||| 180313s2018 oncd ob f000 0 eng d CaOODSP eng eng fre n-us--- FB3-5/2018-13E-PDF Alexander, Patrick D. Did U.S. consumers respond to the 2014–2015 oil price shock? [electronic resource] : evidence from the Consumer Expenditure Survey / by Patrick Alexander and Louis Poirier. [Ottawa] : Bank of Canada, 2018. ii, 31 p. : col. charts. Bank of Canada staff working paper, 1701-9397 ; 2018-13 "March 2018." Includes bibliographical references (p. 16-18). “The impact of oil price shocks on the U.S. economy is a topic of considerable debate. In this paper, we examine the response of U.S. consumers to the 2014–2015 negative oil price shock using representative survey data from the Consumer Expenditure Survey. We propose a difference-in-difference identification strategy based on two factors, vehicle ownership and gasoline reliance, which generate variation in exposure to oil price shocks across consumers. Our findings suggest that exposed consumers significantly increased their spending relative to non-exposed consumers when oil prices fell, and that the average marginal propensity to consume out of gasoline savings was above 1. Across products, we find that consumers increased spending especially on transportation goods and non-essential items"--Abstract, p. ii. Includes abstract in French. gccst Petroleum gccst Prices gccst Economic impact gccst Consumerism Poirier, Louis. Bank of Canada. Staff working paper (Bank of Canada) 1701-9397 ; 2018-13. (CaOODSP)9.806221 PDF 723 KB https://publications.gc.ca/collections/collection_2018/banque-bank-canada/FB3-5-2018-13-eng.pdf