The Response of Consumer Spending to Changes in Gasoline Pricest

被引：9

作者：

Gelman, Michael ^{[1
]}

Gorodnichenko, Yuriy ^{[2
]}

Kariv, Shachar ^{[2
]}

Koustas, Dmitri ^{[3
]}

Shapiro, Matthew D. ^{[4
]}

Silverman, Dan ^{[5
]}

Tadelis, Steven ^{[2
]}

机构：

[1] Claremont McKenna Coll, Claremont, CA 91711 USA

[2] Univ Calif Berkeley, Berkeley, CA USA

[3] Univ Chicago, Chicago, IL USA

[4] Univ Michigan, Ann Arbor, MI USA

[5] Arizona State Univ, Tempe, AZ USA

来源：

AMERICAN ECONOMIC JOURNAL-MACROECONOMICS | 2023年 / 15卷 / 02期

关键词：

OIL; DEMAND; CONSUMPTION; MACROECONOMY; METAANALYSIS; ELASTICITY; CHOICE; SHOCKS; DEBT;

D O I：

10.1257/mac.20210024

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper estimates how overall consumer spending responds to changes in gasoline prices. It uses the differential impact across con-sumers of the sharp drop in gasoline prices in 2014 for identifica-tion. This estimation strategy is implemented using comprehensive, high-frequency, transaction-level data for a large panel of individu-als. The average estimated marginal propensity to consume (MPC) out of unanticipated, permanent shocks to income is approximately one. This estimate accounts for the elasticity of demand for gasoline and potential slow adjustment to changes in prices. The high MPC implies that changes in gasoline prices have large aggregate effects. (JEL D12, G51, L11, L71, L81, Q35)

引用

页码：129 / 160

页数：32

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