000	02097cam  2200337za 4500
001	9.853697
003	CaOODSP
005	20221107154905
007	cr |||||||||||
008	180313s2018    oncd    ob   f000 0 eng d
040	|aCaOODSP|beng
041	|aeng|bfre
043	|an-us---
086	1 |aFB3-5/2018-13E-PDF
100	1 |aAlexander, Patrick D.
245	10|aDid U.S. consumers respond to the 2014–2015 oil price shock? |h[electronic resource] : |bevidence from the Consumer Expenditure Survey / |cby Patrick Alexander and Louis Poirier.
260	|a[Ottawa] : |bBank of Canada, |c2018.
300	|aii, 31 p. : |bcol. charts.
490	1 |aBank of Canada staff working paper, |x1701-9397 ; |v2018-13
500	|a"March 2018."
504	|aIncludes bibliographical references (p. 16-18).
520	3 |a“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.
546	|aIncludes abstract in French.
692	07|2gccst|aPetroleum
692	07|2gccst|aPrices
692	07|2gccst|aEconomic impact
692	07|2gccst|aConsumerism
700	1 |aPoirier, Louis.
710	2 |aBank of Canada.
830	#0|aStaff working paper (Bank of Canada)|x1701-9397 ; |v2018-13.|w(CaOODSP)9.806221
856	40|qPDF|s723 KB|uhttps://publications.gc.ca/collections/collection_2018/banque-bank-canada/FB3-5-2018-13-eng.pdf