Reported MPC and Unobserved 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
• 刊物名称: AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY
• ISSN/ISSBN: 1945-7731
• DOI: 10.1257/pol.20180420
• 发表日期: 2020
• 页码: 275-297
• 关键词: consumption response; consumer response; income

摘要

Panel data on reported marginal propensity to consume in the 2010 and 2016 Italian Survey of Household Income and Wealth uncover a strong negative relationship between cash on hand and MPC. Even though the relationship is attenuated when using regression methods that control for unobserved heterogeneity, the amount of bias is moderate. MPC estimates are used to evaluate the effectiveness of revenue-neutral fiscal policies targeting different parts of the distribution of household resources.