| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24386 |
| 来源ID | Working Paper 24386 |
| What Would You Do With $500? Spending Responses to Gains, Losses, News and Loans | |
| Andreas Fuster; Greg Kaplan; Basit Zafar | |
| 发表日期 | 2018-03-12 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We use survey questions about spending in hypothetical scenarios to investigate features of propensities to consume that are useful for distinguishing between consumption theories. We find that (i) responses to unanticipated gains are vastly heterogeneous (either zero or substantially positive); (ii) responses to losses are much larger and more widespread than responses to gains; and (iii) even those with large responses to gains do not respond to news about future gains. These three findings suggest that limited access to disposable resources is an important determinant of spending behavior. We also find that (iv) households do not respond to the offer of a one-year interest-free loan, suggesting that this is not a consequence of short-term credit constraints; and (v) people do cut spending in response to news about future losses, suggesting that neither is this a consequence of myopia. A calibrated two-asset life-cycle precautionary savings model can account for these features of propensities to consume, but cannot account for (vi) a positive extensive-margin size-effect for spending responses to gains, which suggests that non-convexities due to durability, salience or attention costs may also be important. |
| 主题 | Microeconomics ; Households and Firms ; Macroeconomics ; Consumption and Investment |
| URL | https://www.nber.org/papers/w24386 |
| 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/582060 |
| 推荐引用方式 GB/T 7714 | Andreas Fuster,Greg Kaplan,Basit Zafar. What Would You Do With $500? Spending Responses to Gains, Losses, News and Loans. 2018. |
| 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 | ||
| w24386.pdf（1024KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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