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  5. Five Facts about MPCs: Evidence from a Randomized Experiment

American Economic Review  美国经济评论

ISSN 0002-8282 (Print)  ISSN 0002-8282（印刷版） | ISSN 1944-7981 (Online)  ISSN 1944-7981（在线）

Five Facts about MPCs: Evidence from a Randomized Experiment
关于 MPC 的五个事实：来自随机实验的证据

  • Johannes Boehm   约翰内斯·伯姆
  • Etienne Fize   艾蒂安·菲兹
  • Xavier Jaravel   泽维尔·贾拉维尔
American Economic Review   美国经济评论
vol. 115, no. 1, January 2025
卷。 115，没有。 2025 年 1 月 1 日
(pp. 1–42)  （第 1-42 页）
Download Full Text PDF   下载全文 PDF

Abstract  抽象的

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.
我们通过一项有关临时转移的边际消费倾向 (MPC) 的实验得出了五个事实：(1) 类似现金转移的一个月 MPC 为 23%； (2) 通过卡管理的转账要高得多 (61%)，其中剩余资金将在三周后到期，这与货币可互换性不一致； （3）消费反应集中在前三周； (4) MPC 因家庭特征而异，但即使对于流动性富裕的人来说，MPC 也很高； (5)无条件MPC分布表现出较大的变化。我们的研究结果为刺激政策的设计提供了信息，并对现有的宏观经济模型提出了挑战。

Citation  引文

Boehm, Johannes, Etienne Fize, and Xavier Jaravel. 2025. "Five Facts about MPCs: Evidence from a Randomized Experiment." American Economic Review, 115 (1): 1–42.
伯姆、约翰内斯、艾蒂安·菲兹和泽维尔·贾拉维尔。 2025.“关于 MPC 的五个事实：来自随机实验的证据。”美国经济评论，115（1）：1–42 DOI: 10.1257/aer.20240138
DOI：10.1257/aer.20240138

Additional Materials  附加材料

JEL Classification  JEL分类

  • D12 Consumer Economics: Empirical Analysis
    D12 消费者经济学：实证分析
  • D91 Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    D91 基于微观的行为经济学：心理、情感、社会和认知因素对决策的作用和影响
  • E21 Macroeconomics: Consumption; Saving; Wealth
    E21 宏观经济：消费；保存;财富
  • G51 Household Finance: Household Saving, Borrowing, Debt, and Wealth
    G51 家庭金融：家庭储蓄、借款、债务和财富
  • I38 Welfare, Well-Being, and Poverty: Government Programs; Provision and Effects of Welfare Programs
    I38 福利、福祉和贫困：政府计划；福利计划的提供和效果