| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15918 |
| DP15918 Less is More: Consumer Spending and the Size of Economic Stimulus Payments | |
| Michele Andreolli; Paolo Surico | |
| 发表日期 | 2021-03-14 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We study the consumption response to unexpected transitory income gains of different size, using hypothetical questions from the Italian Survey of Household Income and Wealth. Families with low cash-on-hand display a higher Marginal Propensity to Consume (MPC) out of the small gains while affluent households exhibit a higher MPC out of the large gains. The spending behaviour of low-income families is consistent with the predictions of models with borrowing constraints and uninsurable income risk whereas the consumption pattern of higher earners can be accounted for by non-homothetic preferences on non-essentials. Our results suggest that, for a given level of public spending, a fiscal transfer of smaller size paid to a larger group of low-income households stimulates aggregate consumption more than a larger transfer paid to a smaller group. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Economic stimulus payment size Mpc heterogeneity Liquidity constraints Non-homothetic preferences Non-essential spending |
| URL | https://cepr.org/publications/dp15918-1 |
| 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/544910 |
| 推荐引用方式 GB/T 7714 | Michele Andreolli,Paolo Surico. DP15918 Less is More: Consumer Spending and the Size of Economic Stimulus Payments. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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