Are Consumers' Spending Decisions in Line with A Euler Equation?
基于德国消费者调查数据，检验个人消费支出决策是否符合欧拉方程模型，发现消费者预期未来支出增加或通胀上升时更可能增加当前支出，且金融素养高的家庭还受名义利率预期影响。
Abstract Evaluating a new survey of German consumers, we test whether individual consumption spending decisions are formed according to a Euler equation model. We find that consumers are more likely to increase current spending if they plan to increase spending in the future and if they expect higher inflation. In the subsample of financially literate households, we find an additional negative effect of nominal interest rate expectations. The effects of macroeconomic expectations become stronger if consumers observed news on monetary policy or financial markets. These news effects are particularly pronounced for consumers who save and those with low inflation forecast accuracy.