The Response of Consumer Spending to Changes in Gasoline Prices
利用2014年汽油价格大幅下跌对不同消费者的差异化影响，基于高频交易数据估计消费者支出对汽油价格变化的反应，发现收入冲击的边际消费倾向接近1，表明汽油价格变化有显著的总体效应。
This paper estimates how overall consumer spending responds to changes in gasoline prices. It uses the differential impact across consumers of the sharp drop in gasoline prices in 2014 for identification. This estimation strategy is implemented using comprehensive, high-frequency, transaction-level data for a large panel of individuals. The average estimated marginal propensity to consume (MPC) out of unanticipated, permanent shocks to income is approximately one. This estimate accounts for the elasticity of demand for gasoline and potential slow adjustment to changes in prices. The high MPC implies that changes in gasoline prices have large aggregate effects.