Five Facts about MPCs: Evidence from a Randomized Experiment
通过随机实验发现，现金转移的月边际消费倾向为23%，而限期消费卡转移高达61%，且消费集中在三周内；MPC分布差异大，高流动性家庭也较高，对刺激政策设计和宏观模型有启示。
We present five facts from an experiment on the marginal propensity to consume (MPC) out of transitory transfers: (1) the one-month MPC on a cash-like transfer is 23 percent; (2) it is substantially higher (61 percent) on a transfer administered via a card where remaining funds expire after three weeks, inconsistent with money fungibility; (3) the consumption response is concentrated in the first three weeks; (4) MPCs vary with household characteristics but are high even for the liquid wealthy; (5) unconditional MPC distribution exhibits large variation. Our findings inform the design of stimulus policies and pose challenges to existing macroeconomic models.