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How does a federal minimum wage hike affect aggregate household spending?

Chicago Fed Letter, 2013-08 (313), p.1

Copyright Federal Reserve Bank of Chicago Aug 2013 ;ISSN: 0895-0164 ;EISSN: 2163-3592

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  • Title:
    How does a federal minimum wage hike affect aggregate household spending?
  • Author: Aaronson, Daniel ; French, Eric
  • Subjects: Consumer Price Index ; Consumer spending ; Consumers ; Consumption ; Correlation analysis ; Earnings ; Employment ; GDP ; Gross Domestic Product ; Minimum wage ; Real income ; Studies ; Wages & salaries
  • Is Part Of: Chicago Fed Letter, 2013-08 (313), p.1
  • Description: This article finds that a federal minimum wage hike would boost the real income and spending of minimum wage households. The impact could be sufficient to offset increasing consumer prices and declining real spending by most non-minimum-wage households and, therefore, lead to an increase in aggregate household spending. The authors calculate that a $1.75 hike in the hourly federal minimum wage could increase the level of real gross domestic product (GDP) by up to 0.3 percentage points in the near term, but with virtually no effect in the long term. [PUBLICATION ABSTRACT]
  • Publisher: Chicago: Federal Reserve Bank of Chicago
  • Language: English
  • Identifier: ISSN: 0895-0164
    EISSN: 2163-3592
  • Source: Freely Accessible Journals
    ProQuest Central
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