| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11829 |
| DP11829 The Consumption Response to Positive and Negative Income Changes | |
| Paolo Surico; Philip Bunn | |
| 发表日期 | 2017-02-05 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | A set of newly added questions in the 2011 to 2014 Bank of England/NMG Consulting Survey reveals that British households tend to change their consumption by significantly more in reaction to temporary and unanticipated falls in income than to rises of the same size. Household balance sheet characteristics (including the presence of a savings buffer), concerns about credit market access and higher subjective risk of lower future income account for a sizable share of this spending asymmetry and explain significant variation in the marginal propensity to consume across households. Our findings have important implications for predicting the response of aggregate consumption to expansionary and contractionary macroeconomic policies. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Mpc asymmetry Household balance sheet Heterogeneity Transmission mechanism |
| URL | https://cepr.org/publications/dp11829 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540642 |
| 推荐引用方式 GB/T 7714 | Paolo Surico,Philip Bunn. DP11829 The Consumption Response to Positive and Negative Income Changes. 2017. |
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