消费者支出对汽油价格变化的反应

Alfred P. Sloan: Working Longer (Topic) Pub Date : 2016-12-01 DOI:10.3386/w22969

Michael Gelman, Y. Gorodnichenko, Shachar Kariv, Dmitri K. Koustas, M. Shapiro, Dan Silverman, S. Tadelis

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引用次数: 18

摘要

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。

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The Response of Consumer Spending to Changes in Gasoline Prices

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)

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Alfred P. Sloan: Working Longer (Topic)

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