Spending Less after (Seemingly) Bad News
利用高频支出数据，研究发现家庭消费对突出的宏观经济新闻过度敏感，即使新闻不真实；当地方失业率达到12个月最高时，当地消费者可自由支配支出减少1.5%，低收入家庭更敏感，且支出减少不会逆转。
ABSTRACT Using high‐frequency spending data, we show that household consumption displays excess sensitivity to salient macroeconomic news, even when the news is not real. When the announced local unemployment rate reaches a 12‐month maximum, local news coverage of unemployment increases and local consumers reduce their discretionary spending by 1.5% relative to consumers in areas with the same macroeconomic conditions. Low‐income households display greater excess sensitivity to salience. The decrease in spending is not later reversed. Households in treated areas act as if they are more financially constrained than those in untreated areas with the same fundamentals.