The Micro Anatomy of Macro Consumption Adjustments

主讲人：Pablo Ottonello (Univeristy of Michigan and NBER)

主持人：余淼杰、余昌华（北京大学国家发展研究院）

时间：2022年04月19日（周二）上午9:00-10:30（北京时间）

Zoom会议号：926 3889 7210

密码：908060

摘要：

We study crises characterized by large adjustments of aggregate consumption through their microlevel patterns. We document the cross-sectional patterns of consumption adjustment across the income distribution and find large adjustments for top-income households, who exhibit consumption-income elasticities similar to or larger than the average. We construct a heterogeneous-agent open economy model of consumption under income fluctuations and show that the data patterns are largely consistent with theories that attribute the dynamics of aggregate consumption to changes in aggregate permanent income. We also discuss our findings’ implications for theories based on the tightening of households’ borrowing constraints and analyze policy implications.

主讲人简介：