Notes: The table reports IV estimates of specification (2). The first stage is given by specification (1). The dependent variable is 100 |$\times$| log(monthly spending) over the last 3 months. Log(monthly spending) is trimmed at bottom and top 1%. Controls as in Table 4 are included but not reported. Panels A–E use different measures of spending. Panels A and B use scanner data from Nielsen. Panels C–E use self-reported spending data from the surveys. All regressions use sampling weights. Robust standard errors are in parentheses. 90% confidence intervals robust to weak IV are reported in square parentheses. “1|$^{\rm st}$| stage F-statistic” reports the F-statistic for the first-stage regression. The treatment of outliers and influential observations is described in Online Appendix C of Coibion et al. (2019). 90% confidence interval robust to weak IV is reported in square parentheses. ^{*, **}, and ^*** denote statistical significance at 10%, 5%, and 1% levels, respectively.