全球智库信息集成服务系统(G2TT): DP12459 Household inequality and the consumption response to aggregate real shocks

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP12459
	DP12459 Household inequality and the consumption response to aggregate real shocks
	Mariacristina De Nardi; Gene Amromin; Karl Schulze
发表日期	2017-11-23
出版年	2017
语种	英语
摘要	To what extent does household inequality affect the response of aggregate consumption to aggregate real shocks? We first review two state-of-the-art papers with household heterogeneity and aggregate uncertainty. They teach us that having a larger fraction of poor and borrowing constrained households, who have a high marginal propensity to consume, amplifies the drop in aggregate consumption in response to a negative aggregate real shock. We then move on to the Panel Study of Income Dynamics (PSID) and Equifax data to quantify the fraction of people that are constrained in their consumption choices and to study how that fraction has changed before and after the Great Recession. We argue that the role of constraints cannot be adequately captured by only having a large share of households with no wealth before a recession. We find that, for all of the measures that we consider, the fraction of households that are borrowing constrained has drastically increased since the onset of the Great Recession and that it has remained high, or even increased, all the way through 2012, the last year for which we currently have PSID data. Thus, it is not surprising that aggregate consumption has experienced such a large drop and remained depressed for a long time.
主题	Macroeconomics and Growth ; Public Economics
URL	https://cepr.org/publications/dp12459
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/541270
推荐引用方式 GB/T 7714	Mariacristina De Nardi,Gene Amromin,Karl Schulze. DP12459 Household inequality and the consumption response to aggregate real shocks. 2017.