Consumption Volatility, Marketization, and Expenditure in an Emerging Market Economy
研究了墨西哥家庭如何通过市场支出与时间投入的替代来平滑食物消费波动，发现市场化程度变化会放大支出波动，忽视家庭生产会导致跨国或跨商品波动比较失真。
In response to income fluctuations, households smooth consumption by substituting between market expenditure and time inputs. This paper provides evidence of this substitution in the context of food consumption over transitory and permanent income fluctuations in Mexico. Household time investments drive a wedge between consumption and expenditure, amplifying measured expenditure volatility. Volatility decompositions for Mexico and the United States suggest that the extent of bias in expenditure-based measures induced by changes in marketization is relatively larger in the Mexican setting. These findings imply that volatility comparisons between commodities or across countries are misleading when consumption measures ignore home production.