Fiscal Policy and MPC Heterogeneity
利用2010年意大利家庭收入与财富调查数据，发现平均边际消费倾向为48%，且现金少的家庭远高于富裕家庭，这对预测税收改革和再分配政策的效果有重要意义。
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.