ASYMMETRIC CONSUMPTION EFFECTS OF TRANSITORY INCOME SHOCKS

• 成果类型: Article
• 署名作者: Christelis, Dimitris; Georgarakos, Dimitris; Jappelli, Tullio; Pistaferri, Luigi; van Rooij, Maarten
• 署名单位: University of Naples Federico II; Tilburg University; European Central Bank; University of Naples Federico II; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Stanford University; European Central Bank; De Nederlandsche Bank NV
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1093/ej/uez013
• 发表日期: 2019
• 页码: 2322-2341
• 关键词: debt

摘要

We use the responses of a representative sample of Dutch households to survey questions that ask how much their consumption would change in response to unexpected, transitory income shocks (positive or negative). The questionnaire also distinguishes between relatively small income changes (a one-month increase or drop in income), and relatively larger ones (equal to three-months' income). The results are broadly in line with models of intertemporal choice with precautionary saving, borrowing constraints and finite horizons.