| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24073 |
| 来源ID | Working Paper 24073 |
| Household Inequality and the Consumption Response to Aggregate Real Shocks | |
| Gene Amromin; Mariacristina De Nardi; Karl Schulze | |
| 发表日期 | 2017-12-04 |
| 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 | Microeconomics ; Households and Firms ; Macroeconomics ; Consumption and Investment |
| URL | https://www.nber.org/papers/w24073 |
| 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/581746 |
| 推荐引用方式 GB/T 7714 | Gene Amromin,Mariacristina De Nardi,Karl Schulze. Household Inequality and the Consumption Response to Aggregate Real Shocks. 2017. |
| 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 | ||
| w24073.pdf（386KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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