Household Balance Sheets, Consumption, and the Economic Slump
Household Balance Sheets, Consumption, and the Economic Slump
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DOI：
10.1093/qje/qjt020
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发表时间：
2013-11-01
影响因子：
13.7
通讯作者：
Sufi, Amir
中科院分区：
文献类型：
--
作者：
Mian, Atif;Rao, Kamalesh;Sufi, Amir
我们调查的消费后果，2006-9年住房崩溃使用高度不平等的地理分布的财富损失在美国各地。我们估计，住房净值的消费弹性很大，为0.6 ~ 0.8，这完全否定了完全消费风险分担的假设。住房财富的平均边际消费倾向（MPC）为5-7美分，各邮政编码之间存在很大差异。邮政编码与贫困和更多的家庭有一个显着更高的MPC出住房财富。与MPC的结果一致，经历较大财富损失的邮政编码，特别是那些较贫穷和较贫困家庭的邮政编码，在信贷限额、再融资可能性和信用评分方面都有较大幅度的下降。我们的研究结果强调了债务和财富冲击的地理分布在解释2006年至2009年消费大幅不平等下降方面的作用。
We investigate the consumption consequences of the 2006-9 housing collapse using the highly unequal geographic distribution of wealth losses across the United States. We estimate a large elasticity of consumption with respect to housing net worth of 0.6 to 0.8, which soundly rejects the hypothesis of full consumption risk-sharing. The average marginal propensity to consume (MPC) out of housing wealth is 5-7 cents with substantial heterogeneity across ZIP codes. ZIP codes with poorer and more levered households have a significantly higher MPC out of housing wealth. In line with the MPC result, ZIP codes experiencing larger wealth losses, particularly those with poorer and more levered households, experience a larger reduction in credit limits, refinancing likelihood, and credit scores. Our findings highlight the role of debt and the geographic distribution of wealth shocks in explaining the large and unequal decline in consumption from 2006 to 2009.