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
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
卷。 115,没有。 2025 年 1 月 1 日
(pp. 1–42) (第 1-42 页)
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
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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