© notice, is given to the source. The Economic Stimulus Payments of 2008 and the Aggregate Demand for Consumption

anonymous referees on our grant application, and participants in numerous seminars and conferences. We would also like to thank Ed Grove, Matt Knain and Molly Hagen at ACNielsen. All results are calculated based on data from the Nielsen Company (US), LLC and provided by the Marketing Data Center at The University of Chicago Booth School of Business. This paper updates and replaces the earlier analysis in Broda and Parker (2008). The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications