Published Quarterly Journal of Economics Online 21 Feb 2025 Published Jul 2025Micro MPCs and Macro Counterfactuals: The Case of the 2008 RebatesJacob D Orchard · Valerie A Ramey · Johannes F WielandDo the high marginal propensities to consume (MPCs) estimated in the leading household studies of the 2008 U.S. tax rebates—particularly Parker et al. (2013), which found MPCs of 50–90 percent within …