G2TT
来源类型Discussion paper
规范类型论文
来源IDDP15966
DP15966 The Effect of Macroeconomic Uncertainty on Household Spending
Dimitris Georgarakos; Yuriy Gorodnichenko; Geoff Kenny; Michael Weber
发表日期2021-03-25
出版年2021
语种英语
摘要Using a new survey of European households, we study how exogenous variation in the macroeconomic uncertainty perceived by households affects their spending decisions. We use randomized information treatments that provide different types of information about the first and/or second moments of future economic growth to generate exogenous changes in the perceived macroeconomic uncertainty of some households. The effects on their spending decisions relative to an untreated control group are measured in follow-up surveys. Higher macroeconomic uncertainty induces households to reduce their spending on non-durable goods and services in subsequent months as well as to engage in fewer purchases of larger items such as package holidays or luxury goods. Moreover, uncertainty reduces household propensity to invest in mutual funds. These results support the notion that macroeconomic uncertainty can impact household decisions and have large negative effects on economic outcomes.
主题Monetary Economics and Fluctuations
关键词Uncertainty Household spending Household finance Surveys Randomized control trial
URLhttps://cepr.org/publications/dp15966
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/544956
推荐引用方式
GB/T 7714
Dimitris Georgarakos,Yuriy Gorodnichenko,Geoff Kenny,et al. DP15966 The Effect of Macroeconomic Uncertainty on Household Spending. 2021.
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