Arbeitspapier
MPC heterogeneity and household balance sheets
Using Norwegian administrative data, we study how sizable lottery prizes affect household expenditure and savings. Expenditure responses (MPCs) spike in the year of winning, with a mean estimate of 0.35, and thereafter fall markedly. Controlling for all items on the household balance sheet and characteristics such as education and age, MPCs vary with the amount won and liquid assets only. Shock size matters: The MPC among the 25 percent winning least is twice as high as among the 25 percent winning most. Many households are wealthy, illiquid and have high MPCs, consistent with 2-asset models of consumer choice.
- Sprache
-
Englisch
- Erschienen in
-
Series: Discussion Papers ; No. 852
- Klassifikation
-
Wirtschaft
Consumer Economics: Empirical Analysis
Household Saving; Personal Finance
Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making‡
Macroeconomics: Consumption; Saving; Wealth
- Thema
-
marginal propensity to consume
household expenditure response
household heterogeneity
income shocks
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Fagereng, Andreas
Holm, Martin B.
Natvik, Gisle J.
- Ereignis
-
Veröffentlichung
- (wer)
-
Statistics Norway, Research Department
- (wo)
-
Oslo
- (wann)
-
2016
- Handle
- Letzte Aktualisierung
-
23.06.2023, 18:32 MESZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Fagereng, Andreas
- Holm, Martin B.
- Natvik, Gisle J.
- Statistics Norway, Research Department
Entstanden
- 2016
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