The Micro Anatomy of Macro Consumption Adjustmentst

• 成果类型: Article
• 署名作者: Guntin, Rafael; Ottonello, Pablo; Perez, Diego J.
• 署名单位: University of Rochester; University of Michigan System; University of Michigan; National Bureau of Economic Research; University of Michigan System; University of Michigan; New York University; New York University; National Bureau of Economic Research
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20201931
• 发表日期: 2023
• 页码: 2201-2231
• 关键词: real business cycles; precautionary savings; excess sensitivity; sudden stops; life-cycle; income; INEQUALITY; time; expenditure; economies

摘要

We study crises characterized by large adjustments of aggregate consumption through their microlevel patterns. We document the cross-sectional patterns of consumption adjustment across the income distribution and find large adjustments for top-income households, who exhibit consumption-income elasticities similar to or larger than the average. We construct a heterogeneous-agent open economy model of consumption under income fluctuations and show that the data pat-terns are largely consistent with theories that attribute the dynamics of aggregate consumption to changes in aggregate permanent income. We also discuss our findings' implications for theories based on the tightening of households' borrowing constraints and analyze policy implications. (JEL D31, E21, E32, F33, G51, O11, O12)