Transmission of Income Variations to Consumption Variations: The Role of the Firm
利用匹配雇主-雇员数据，研究企业在收入增长向消费增长传导中的作用，发现企业平均收入增长（企业间成分）比个人相对企业平均的收入增长（企业内成分）更能转化为消费增长，原因在于企业内成分的持久性更低、工人自我保险更强以及工作场所同伴效应。
Abstract We use matched employer-employee data to study the role of the firm in the transmission of income growth into consumption growth. We find that growth in income relative to the firm average (the within-firm component) translates significantly less into consumption than growth in firm average income (the between-firm component). These findings are explained by the lower persistence of the within-firm component of income, better self-insurance for workers more exposed to variations in income growth from the within-firm component, and peer effects in the workplace. Quantitatively, income persistence provides 43% of the explanatory power, self-insurance provides 35%, and peer effects provide 22%.