Consumption Heterogeneity: Micro Drivers and Macro Implications
研究了家庭特征如何影响边际消费倾向的异质性，发现流动性财富是预测MPC的关键变量，并利用丹麦行政数据改进估计方法，分析了货币政策传导机制。
We document heterogeneity in the marginal propensity to consume (MPC) across household characteristics relevant to understanding heterogeneous agent models and monetary policy transmission. We find a strong negative relationship between household liquid wealth and MPC. We show that household liquid wealth predicts MPC closely for every other household characteristic we look at. We use a new empirical method that overcomes sources of bias found in the existing literature, along with administrative data from Denmark that allow us to identify heterogeneous behavior. We use our results to analyze monetary policy transmission mechanisms in both Denmark and the United States.