Income and Consumption: A Micro Semistructural Analysis with Pervasive Heterogeneity
构建允许收入和消费参数普遍异质的模型，利用1968-2009年PSID数据估计，发现家庭对收入冲击的消费反应存在显著异质性，凸显自我保险能力的差异。
We develop a model of consumption and income that allows for pervasive heterogeneity in the parameters of both processes. Introducing codependence between household income parameters and preference parameters, we also allow for heterogeneity in the impact of income shocks on consumption. We estimate the parameters of the model using a sample from the Panel Study of Income Dynamics, covering the period 1968–2009. We find considerable codependent heterogeneity in the parameters governing income and consumption processes. Our results suggest a great deal of heterogeneity in the reaction of consumption to income shocks, highlighting the heterogeneity in the self-insurance available to households.