The Consumer Response to the Mexican Peso Crisis
The Consumer Response to the Mexican Peso Crisis
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DOI：
10.1086/505721
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发表时间：
2006-10
影响因子：
2
通讯作者：
D. McKenzie
中科院分区：
文献类型：
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作者：
D. McKenzie
家庭支出调查用于审查墨西哥比索危机对家庭消费的影响。主要的平滑机制是消费构成的变化，家庭减少半耐用支出以维持基本粮食水平。本文提供了一种方法来解开收入，价格，人口和危机调整的影响，并发现家庭增加了他们的支出份额在某些基本食品甚至超过了恩格尔的定律和相对价格变化将预测。我假设，这反映了使用半耐久性作为一种调整机制，并表明，这导致恩格尔曲线的形状和位置的变化。然而，这篇文章不能完全排除另一种解释，即半耐用品的减少反映了家庭减少半耐用品库存，因为危机导致永久收入下降。
Household expenditure surveys are used to examine the effects of the Mexican peso crisis on household consumption. The main smoothing mechanism was a change in the composition of consumption, with households reducing semidurable spending to maintain basic food levels. This article provides a method for disentangling income, price, demographic, and crisis adjustment effects and finds that households increased their expenditure share on certain basic food items even more than Engel’s law and relative price changes would predict. I hypothesize that this reflects the use of semidurables as an adjustment mechanism and show that this leads to changes in the shape and position of the Engel curves. However, the article cannot fully rule out the alternative explanation that the reduction in semidurables reflects households reducing semidurable stocks due to a perceived fall in permanent income from the crisis.