### Replication data for: Why Don't Households Smooth Consumption? Evidence from a $25 Million Experiment Jonathan A. Parker This paper evaluates theoretical explanations for the propensity of households to increase spending in response to the arrival of predictable, lump-sum payments, using households in the Nielsen Consumer Panel who received$25 million in randomly distributed stimulus payments. The pattern of spending is inconsistent with models in which identical households cycle rapidly through high and low-response states as they manage liquidity, but is instead highly predictable by income years before the payment. Spending responses are...
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