The Response of Consumer Spending to Changes in Gasoline Prices

IF 6.3 1区经济学 Q1 ECONOMICS

American Economic Journal-Macroeconomics Pub Date : 2023-04-01 DOI:10.1257/mac.20210024

Michael Gelman, Yuriy Gorodnichenko, Shachar Kariv, Dmitri Koustas, Matthew Shapiro, Dan Silverman, Steven Tadelis

引用次数: 2

Abstract

This paper estimates how overall consumer spending responds to changes in gasoline prices. It uses the differential impact across consumers of the sharp drop in gasoline prices in 2014 for identification. This estimation strategy is implemented using comprehensive, high-frequency, transaction-level data for a large panel of individuals. The average estimated marginal propensity to consume (MPC) out of unanticipated, permanent shocks to income is approximately one. This estimate accounts for the elasticity of demand for gasoline and potential slow adjustment to changes in prices. The high MPC implies that changes in gasoline prices have large aggregate effects. (JEL D12, G51, L11, L71, L81, Q35)

查看原文本刊更多论文

消费者支出对汽油价格变化的反应

本文估计了总体消费者支出对汽油价格变化的反应。它利用2014年汽油价格大幅下跌对消费者的不同影响来进行识别。此估计策略是使用针对大量个人的全面、高频、事务级数据来实现的。平均估计的边际消费倾向(MPC)的意外，永久冲击的收入约为1。这一估计考虑了汽油需求的弹性和对价格变化的潜在缓慢调整。高MPC意味着汽油价格的变化有很大的综合效应。(jel d12, g51, l11, l71, l81, q35)

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

American Economic Journal-Macroeconomics ECONOMICS-

CiteScore

8.20

自引率

1.70%

发文量

期刊介绍： American Economic Journal: Macroeconomics focuses on studies of aggregate fluctuations and growth, and the role of policy in that context. Such studies often borrow from and interact with research in other fields, such as monetary theory, industrial organization, finance, labor economics, political economy, public finance, international economics, and development economics. To the extent that they make a contribution to macroeconomics, papers in these fields are also welcome.