The Marginal Propensity to Consume in Heterogeneous Agent Models
系统研究了不同偏好、异质性、收入过程和资产结构下，哪些模型特征和校准策略能产生较大的平均边际消费倾向，发现手到口家庭的比例和类型是最关键因素，双资产模型可解决高平均MPC与财富分布现实性之间的权衡。
What model features and calibration strategies yield a large average marginal propensity to consume (MPC) in heterogeneous agent models? Through a systematic investigation of models with different preferences, dimensions of ex-ante heterogeneity, income processes, and asset structures, we show that the most important factor is the share and type of hand-to-mouth households. One-asset models either feature a trade-off between a high average MPC and a realistic level of aggregate wealth or generate an excessively polarized wealth distribution that vastly understates the wealth held by households in the middle of the distribution. Two-asset models that include both liquid and illiquid assets can resolve this tension with a large enough gap between liquid and illiquid returns. We discuss how such return differential can be justified from the perspective of theory and data.