流动资产不足的家庭：消费对收入变化的反应
Households with insufficient liquid assets: Consumption responses to income changes
中文总结 AI 辅助
利用23个欧洲国家家庭金融与消费调查数据，研究流动资产不足家庭对收入变化的消费反应，分非HtM、贫困HtM和富裕HtM家庭，发现贫困HtM家庭MPC最高，富裕HtM家庭呈负相关，结果符合生命周期模型。
中文摘要 AI 辅助
了解流动资产不足的家庭比例对于理解消费对收入变化的反应很重要。利用2010年至2023年23个欧洲国家家庭金融与消费调查的协调数据，我们研究了现收现付（HtM）家庭对收入变化的消费反应，这些家庭分为非HtM、贫困HtM和富裕HtM。我们的研究结果表明，各国HtM家庭的比例存在显著差异，所有国家的大多数HtM家庭都是在住房和其他房地产方面拥有大量财富的富裕家庭。通过研究这些家庭对假设冲击的边际消费倾向（MPC），我们发现贫困HtM家庭的MPC最高，而富裕HtM家庭的MPC呈负相关。贫困HtM家庭的这种关系似乎是由未观察到的因素驱动的，而富裕HtM家庭的关系即使在控制了未观察到的偏好异质性和改变其状态的家庭之后也是负相关且显著的。这些消费反应与具有流动性约束和预防性储蓄的生命周期模型一致。
英文摘要
The fraction of households living with insufficient liquid assets is important to understand consumption responses to income changes. Using harmonized data for 23 European countries over 2010--2023 from the Household Finance and Consumption Survey, we investigate the consumption responses to income changes of hand-to-mouth (HtM) households, grouped into non-HtM, poor HtM and wealthy HtM. Our findings indicate significant variability across countries in the shares of HtM households, with the majority in all countries being wealthy households with sizeable wealth in housing and other real estates. By examining the marginal propensity to consume (MPC) to hypothetical shocks across these households, we find that poor HtM households exhibit the highest MPC, whereas wealthy HtM households display a negative association with the MPC. The relationship for poor HtM households seems to be driven by unobserved factors, whereas the relationship with wealthy HtM is negative and significant even controlling for unobserved preference heterogeneity and households who switch their status. These consumption responses align with life-cycle models with liquidity constraints and precautionary savings.
