Reported MPC and Unobserved Heterogeneity
利用意大利家庭收入与财富调查的面板数据，发现现金持有量与边际消费倾向呈强负相关，即使控制未观测异质性后偏误仍有限，并评估了针对不同资源分布家庭的税收中性财政政策效果。
Panel data on reported marginal propensity to consume in the 2010 and 2016 Italian Survey of Household Income and Wealth uncover a strong negative relationship between cash on hand and MPC. Even though the relationship is attenuated when using regression methods that control for unobserved heterogeneity, the amount of bias is moderate. MPC estimates are used to evaluate the effectiveness of revenue-neutral fiscal policies targeting different parts of the distribution of household resources.