Consumer debt is an important vehicle for smoothing through income shocks. I study localized income shocks from oil and gas development to investigate consumer response. Using quarterly information on consumer debt and oil and gas activity between 2000 and 2016, I find that consumer debt increased at a peak of $660 per capita, equivalent to 1.3% of median household income in counties with shale endowment and increased drilling. Shocks to local wages via drilling revealed a marginal propensity to borrow of 0.45. Relative to areas with oil and gas development experience, the marginal propensity to borrow was two times larger in previously undeveloped areas.

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消费者债务对收入冲击的反应：能源繁荣与萧条的案例

消费者债务是缓解收入冲击的重要工具。我研究了石油和天然气开发对当地收入的冲击，以调查消费者的反应。使用 2000 年至 2016 年期间消费者债务和石油和天然气活动的季度信息，我发现消费者债务在人均 660 美元的峰值时增加，相当于拥有页岩资源和增加钻探的县的家庭收入中位数的 1.3%。通过钻探对当地工资的冲击揭示了 0.45 的边际借贷倾向。相对于有油气开发经验的地区，以前未开发地区的边际借贷倾向是前者的两倍。