Consumption Responses to a Large Shock to Financial Wealth: Evidence from Italy
利用2007-2008年资产价格冲击和家庭面板数据，估计了金融财富冲击的边际消费倾向，发现1欧元风险金融财富下降导致年总消费减少8.5-9欧分，对低收入和负债家庭影响更大。
Abstract We estimate marginal propensities to consume from wealth shocks. We exploit large asset‐price shocks in 2007–2008 and household‐level panel data to implement instrumental variables. A fall of one euro in risky financial wealth resulted in cuts to annual total (non‐durable) consumption of 8.5–9 (5.5–5.7) cents, with small effects on food spending. Effects seem stronger for lower‐wealth or indebted households, but significant responses from wealthier households and those without mortgages are important for our baseline results. Counterfactuals indicate financial‐wealth effects were relatively important for consumption falls in Italy in 2007–2008. The estimated effects are consistent with a simulated life‐cycle model capturing the wealth shock.