| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22518 |
| 来源ID | Working Paper 22518 |
| The Marginal Propensity to Consume Over the Business Cycle | |
| Tal Gross; Matthew J. Notowidigdo; Jialan Wang | |
| 发表日期 | 2016-08-22 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | This paper estimates how the marginal propensity to consume (MPC) varies over the business cycle by exploiting exogenous variation in credit card borrowing limits. Ten years after an individual declares Chapter 7 bankruptcy, the record of the bankruptcy is removed from her credit report, generating an immediate and persistent increase in credit score. We study the effects of “bankruptcy flag” removal using a sample of over 160,000 bankruptcy filers whose flags were removed between 2004 and 2011. We document that in the year following flag removal, credit card limits increase by $780 and credit card balances increase by roughly $290, implying an “MPC out of liquidity” of 0.37. We find a significantly higher MPC during the Great Recession, with an average MPC roughly 20–30 percent larger between 2007 and 2009 compared to surrounding years. We find no evidence that the counter-cyclical variation in the average MPC is accounted for by compositional changes or by changes over time in the supply of credit following bankruptcy flag removal. These results are consistent with models where liquidity constraints bind more frequently during recessions. |
| 主题 | Microeconomics ; Households and Firms ; Macroeconomics ; Monetary Policy ; Financial Economics ; Financial Institutions ; Other ; Law and Economics |
| URL | https://www.nber.org/papers/w22518 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580192 |
| 推荐引用方式 GB/T 7714 | Tal Gross,Matthew J. Notowidigdo,Jialan Wang. The Marginal Propensity to Consume Over the Business Cycle. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22518.pdf（577KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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