What Can Explain Excess Smoothness and Sensitivity of State-Level Consumption?
利用美国各州面板数据估计当前和滞后收入的边际消费倾向，发现其因州而异，并构建了一个包含时间加总、耐用品、缺乏耐心、信贷约束和风险分担的前瞻性消费者模型来匹配估计结果。
This article estimates marginal propensities to consume (MPC) out of current and lagged income for U.S. states using panel data regressions that control for time-specific and state-level fixed effects. The MPCs vary across states; in particular, the MPC out of current income is higher in states where income is more persistent, and the MPC out of lagged income is lower in agricultural states. We show that the estimated MPCs can be matched by a model of forward-looking consumers that includes all of the following features: time aggregation, durable goods, impatience, credit constraints, and risk sharing. Copyright by the President and Fellows of Harvard College and the Massachusetts Institute of Technology.