Discuss whether studies of what consumers did with their 2008 Economic Stimulus Act (ESA) payments are consistent with the PIH and the LCH hypotheses. Use the concept of a liquidity constraint to explain why providing transfer payments to the unemployed is likely to have a higher multiplier effect than an across-the-board tax rebate program, like the ESA, which provides the same total amount of payments to individuals as the aid to the unemployed does.