| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27917 |
| 来源ID | Working Paper 27917 |
| The Micro Anatomy of Macro Consumption Adjustments | |
| Rafael Guntin; Pablo Ottonello; Diego Perez | |
| 发表日期 | 2020-10-12 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We study crises characterized by large adjustments of aggregate consumption through their microlevel patterns. We show that leading theories designed to explain aggregate consumption dynamics differ markedly in their cross-sectional predictions. While theories based on financial frictions predict that rich households with liquid assets should be able to smooth consumption during bad times, neoclassical theories predict that these agents would optimally adjust their consumption if crises severely affect their permanent income. Using microlevel data on several episodes of large aggregate-consumption adjustment, we document that rich households significantly adjust consumption relative to their income, consistent with the permanent-income hypothesis of consumption during crises. We discuss our findings' implications for the effectiveness of stabilization policies that target consumption during crises. |
| 主题 | Macroeconomics ; Consumption and Investment ; Fiscal Policy ; International Economics ; International Macroeconomics |
| URL | https://www.nber.org/papers/w27917 |
| 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/585591 |
| 推荐引用方式 GB/T 7714 | Rafael Guntin,Pablo Ottonello,Diego Perez. The Micro Anatomy of Macro Consumption Adjustments. 2020. |
| 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 | ||
| w27917.pdf（1331KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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