New evidence on excess sensitivity of household consumption

• 成果类型: Article
• 署名作者: Ni, Shawn; Seol, Youn
• 署名单位: University of Missouri System; University of Missouri Columbia; Kyungpook National University (KNU)
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2014.01.004
• 发表日期: 2014
• 页码: 80-94
• 关键词: household consumption; excess sensitivity; Committed expenditures

摘要

The monthly salaries and allowances of Korean government employees are known in advance but vary greatly throughout the year. Using a Korean monthly panel data set, the present study examines how nondurable consumption expenditures in households headed by government employees respond to predictable income changes. The study finds a moderate excess sensitivity in consumption that can be attributed to about 9% of the households. Further analysis shows that these 9% of the households have lower 'committed expenditures' and are likely inattentive consumers. (C) 2014 Elsevier B.V. All rights reserved.