### Replication data for: Consumption and Debt \"Response to Unanticipated Income Shocks\": Evidence from a Natural Experiment in Singapore

Sumit Agarwal & Wenlan Qian
This paper uses a unique panel dataset of consumer financial transactions to study how consumers respond to an exogenous unanticipated income shock. Consumption rose significantly after the fiscal policy announcement: during the ten subsequent months, for each $1 received, consumers on average spent$0.80. We find a strong announcement effect -- 19 percent of the response occurs during the first two-month announcement period via credit cards. Subsequently, consumers switched to debit cards after disbursement before...
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