Fiscal Policy and MPC Heterogeneity

被引：178

作者：

Jappelli, Tullio ^{[1
,2
,3
]}

Pistaferri, Luigi ^{[3
,4
,5
,6
]}

机构：

[1] Univ Naples Federico II, Dept Econ & Stat, I-80146 Naples, Italy

[2] CSEF, Naples, Italy

[3] CEPR, London, England

[4] Stanford Univ, Dept Econ, Stanford, CA 94305 USA

[5] NBER, Cambridge, MA 02138 USA

[6] Stanford Inst Econ Policy Res, Stanford, CA 94305 USA

来源：

AMERICAN ECONOMIC JOURNAL-MACROECONOMICS | 2014年 / 6卷 / 04期

基金：

欧洲研究理事会;

关键词：

LIFE-CYCLE; HOUSEHOLD CONSUMPTION; CONSUMER RESPONSE; TAX; INCOME; EARNINGS; DEBT;

D O I：

10.1257/mac.6.4.107

中图分类号：

F [经济];

学科分类号：

02 ;

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.

引用

页码：107 / 136

页数：30