Fiscal Policy and MPC Heterogeneity

• 成果类型: Article
• 署名作者: Jappelli, Tullio; Pistaferri, Luigi
• 署名单位: University of Naples Federico II; Centre for Economic Policy Research - UK; Stanford University; National Bureau of Economic Research; Stanford University
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.6.4.107
• 发表日期: 2014
• 页码: 107-136
• 关键词: life-cycle; household consumption; consumer response; tax; income; earnings; debt

摘要

We use responses to survey questions in the 2010 Italian Survey of Household Income and Wealth that ask consumers how much of an unexpected transitory income change they would consume. The marginal propensity to consume (MPC) is 48 percent on average. We also find substantial heterogeneity in the distribution, as households with low cash-on-hand exhibit a much higher MPC than affluent households, which is in agreement with models with precautionary savings, where income risk plays an important role. The results have important implications for predicting household responses to tax reforms and redistributive policies.