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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP15966 |
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 |
URL | https://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. |
条目包含的文件 | 条目无相关文件。 |
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