The Distribution of Wealth and the MPC: Implications of New European Data
利用缓冲存货储蓄模型，研究15个欧洲国家财富分布和收入动态如何影响边际消费倾向，发现财富不平等越大、临时收入冲击越大，消费反应越强。
Using a standard, realistically calibrated model of buffer-stock saving with transitory and permanent income shocks, we study how cross-country differences in the wealth distribution and household income dynamics affect the marginal propensity to consume out of transitory shocks (MPC). Across the 15 countries in our sample, we find that the aggregate consumption response ranges between 0.1 and 0.4 and is stronger (i) in economies with large wealth inequality, where a larger proportion of households has little wealth, (ii) under larger transitory income shocks, and (iii) when we consider households only use liquid assets (rather than net wealth) to smooth consumption.