Autori
Fagereng, AndreasHOLM, MARTIN B.Natvik, Gisle J.Titolo
MPC heterogeneity and household balance sheetsPeriodico
Ministero dell'Economia e delle Finanze. Dipartimento del Tesoro. Working paperAnno:
2018 - Fascicolo:
4 - Pagina iniziale:
1 - Pagina finale:
59We use sizeable lottery prizes in Norwegian administrative panel data to
characterize households' marginal propensities to consume (MPCs). Our main
contribution is to document how MPCs vary with household characteristics and prize
size, and how lottery prizes are spent and saved over time. We find that spending
spikes in the year of winning, and reverts to normal within 5 years. Controlling for all items on households' balance sheets and characteristics such as education and
income, it is the amount won, age and liquid assets that vary systematically with MPCs.
Low-liquidity winners of the smallest prizes (around USD 1,500) are estimated to spend all within the year of winning. The same estimate for high-liquidity winners of large prizes (USD 8,300 - 150,000) is slightly below one half. While the consumption responses we find are high, their systematic relations with observables point toward well-understood mechanisms from existing theory and should be useful to quantify structural models.
SICI: 1972-411X(2018)4<1:MHAHBS>2.0.ZU;2-4
Testo completo:
http://www.dt.mef.gov.it/export/sites/sitodt/modules/documenti_it/analisi_progammazione/working_papers/WP_Nx_4_-_OTTOBRE_2018.pdfEsportazione dati in Refworks (solo per utenti abilitati)
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