Marginal Propensity to Consume and Personal Characteristics: Evidence from Bank Transaction Data and Survey
利用银行账户交易数据和调查，区分了影响边际消费倾向的暂时因素和持久因素，发现风险厌恶、时间贴现率高和财富低的人边际消费倾向更高。
Abstract The marginal propensity to consume (MPC) is heterogeneous and depends on liquidity, while liquidity is affected by both temporary circumstances and persistent characteristics. Using bank account transaction data and a survey of its account holders, this study aims to distinguish the sources of MPC heterogeneity. The results indicate that individuals with higher levels of risk aversion and time discount rates tend to exhibit a higher MPC, whereas lower wealth is also linked to a higher MPC. These findings suggest that MPC heterogeneity is influenced by both temporary and persistent factors.