One of the reasons that I wrote a paper using survey evidence to estimate the fiscal impact of the household stimulus package is that I don’t much like using aggregate time series data. But nonetheless, it shouldn’t be ignored, and today’s GDP release provides a tad more evidence on how the household payments affected the economy. In the Dec ’08 and Jun ’09 quarters, the rise in spending is about half to three-quarters as big as the stimulus.
(Update: An earlier version said that this was seasonally adjusted data. Actually it was original – thanks to Sinclair Davidson for the correction.)