메뉴 건너뛰기




Volumn 133, Issue 4, 2018, Pages 1693-1751

Excess sensitivity of high-income consumers

Author keywords

[No Author keywords available]

Indexed keywords

CONSUMPTION BEHAVIOR; HOUSEHOLD INCOME; WELFARE IMPACT;

EID: 85057208767     PISSN: 00335533     EISSN: 15314650     Source Type: Journal    
DOI: 10.1093/qje/qjy014     Document Type: Article
Times cited : (184)

References (56)
  • 1
    • 84959748430 scopus 로고
    • 'A Near-Rational Model of the Business Cycle, with Wage and Price Inertia,'
    • Akerlof, George A., and Janet L. Yellen, "A Near-Rational Model of the Business Cycle, with Wage and Price Inertia," Quarterly Journal of Economics, 100 (1985), 823-838
    • (1985) Quarterly Journal of Economics , vol.100 , pp. 823-838
    • Akerlof, G.A.1    Yellen, J.L.2
  • 2
    • 85057200930 scopus 로고    scopus 로고
    • "Debt and the Response to Household Income Shocks: Validation and Application of Linked Financial Account Data,"
    • Forthcoming
    • Baker, Scott R., "Debt and the Response to Household Income Shocks: Validation and Application of Linked Financial Account Data," Journal of Political Economy, forthcoming
    • Journal of Political Economy
    • Baker, S.R.1
  • 5
    • 84949922695 scopus 로고    scopus 로고
    • 'The Economic Stimulus Payments of 2008 and the Aggregate Demand for Consumption,'
    • Broda, Christian, and Jonathan A. Parker, "The Economic Stimulus Payments of 2008 and the Aggregate Demand for Consumption," Journal of Monetary Economics, 68 (2014), 20-36
    • (2014) Journal of Monetary Economics , vol.68 , pp. 20-36
    • Broda, C.1    Parker, J.A.2
  • 6
    • 0041110045 scopus 로고    scopus 로고
    • 'The Response of Expenditures to Anticipated Income Changes: Panel Data Estimates,'
    • Browning, Martin, and Dolores Collado, "The Response of Expenditures to Anticipated Income Changes: Panel Data Estimates," American Economic Review, 91 (2001), 681-692
    • (2001) American Economic Review , vol.91 , pp. 681-692
    • Browning, M.1    Collado, D.2
  • 9
    • 0038969196 scopus 로고    scopus 로고
    • 'Buffer-Stock Saving and the Life Cycle/Permanent Income Hypothesis,'
    • Carroll, Christopher D., "Buffer-Stock Saving and the Life Cycle/Permanent Income Hypothesis," Quarterly Journal of Economics, 112 (1997), 1-55
    • (1997) Quarterly Journal of Economics , vol.112 , pp. 1-55
    • Carroll, C.D.1
  • 10
    • 0040154980 scopus 로고    scopus 로고
    • 'A Theory of the Consumption Function, with and without Liquidity Constraints,'
    • Carroll, Christopher D, "A Theory of the Consumption Function, with and without Liquidity Constraints," Journal of Economic Perspectives, 15 (2001), 23-45
    • (2001) Journal of Economic Perspectives , vol.15 , pp. 23-45
    • Carroll, C.D.1
  • 11
    • 85034660408 scopus 로고    scopus 로고
    • 'The Distribution of Wealth and the Marginal Propensity to Consume,'
    • Carroll, Christopher, Jiri Slacalek, Kiichi Tokuoka, and Matthew N. White, "The Distribution of Wealth and the Marginal Propensity to Consume," Quantitative Economics, 8 (2017), 977-1020
    • (2017) Quantitative Economics , vol.8 , pp. 977-1020
    • Carroll, C.1    Slacalek, J.2    Tokuoka, K.3    White, M.N.4
  • 12
    • 77956571782 scopus 로고    scopus 로고
    • 'Sufficient Statistics for Welfare Analysis: A Bridge between Structural and Reduced-Form Methods,'
    • Chetty, Raj, "Sufficient Statistics for Welfare Analysis: A Bridge between Structural and Reduced-Form Methods," Annual Review of Economics, 1 (2009), 451-488
    • (2009) Annual Review of Economics , vol.1 , pp. 451-488
    • Chetty, R.1
  • 13
    • 34249858533 scopus 로고    scopus 로고
    • 'Consumption Commitments and Risk Preferences,'
    • Chetty, Raj, and Adam Szeidl, "Consumption Commitments and Risk Preferences," Quarterly Journal of Economics, 122 (2007), 831-877
    • (2007) Quarterly Journal of Economics , vol.122 , pp. 831-877
    • Chetty, R.1    Szeidl, A.2
  • 14
    • 0000080701 scopus 로고
    • 'The Sensitivity of Tests of the Intertemporal Allocation of Consumption to Near-Rational Alternatives,'
    • Cochrane, John H., "The Sensitivity of Tests of the Intertemporal Allocation of Consumption to Near-Rational Alternatives," American Economic Review, 79 (1989), 319-337
    • (1989) American Economic Review , vol.79 , pp. 319-337
    • Cochrane, J.H.1
  • 15
    • 0001517908 scopus 로고
    • 'Saving and Liquidity Constraints,'
    • Deaton, Angus, "Saving and Liquidity Constraints," Econometrica, 59 (1991), 1221-1248
    • (1991) Econometrica , vol.59 , pp. 1221-1248
    • Deaton, A.1
  • 17
    • 84958741173 scopus 로고    scopus 로고
    • 'Inequality of Income and Consumption in the US: Measuring the Trends in Inequality from 1984 to 2011 for the Same Individuals,'
    • Fisher, Jonathan, David S. Johnson, and Timothy M. Smeeding, "Inequality of Income and Consumption in the US: Measuring the Trends in Inequality from 1984 to 2011 for the Same Individuals," Review of Income and Wealth, 61 (2015), 630-650
    • (2015) Review of Income and Wealth , vol.61 , pp. 630-650
    • Fisher, J.1    Johnson, D.S.2    Smeeding, T.M.3
  • 22
    • 84904126529 scopus 로고    scopus 로고
    • 'Harnessing Naturally Occurring Data to Measure the Response of Spending to Income,'
    • Gelman, Michael, Shachar Kariv, MatthewD. Shapiro, Dan Silverman, and Steven Tadelis, "Harnessing Naturally Occurring Data to Measure the Response of Spending to Income," Science, 345 (2014), 212-215
    • (2014) Science , vol.345 , pp. 212-215
    • Gelman, M.1    Kariv, S.2    Shapiro, M.D.3    Silverman, D.4    Tadelis, S.5
  • 24
    • 84959747575 scopus 로고
    • 'The Permanent Income Hypothesis and Consumption Durability: Analysis Based on Japanese Panel Data,'
    • Hayashi, Fumio, "The Permanent Income Hypothesis and Consumption Durability: Analysis Based on Japanese Panel Data," Quarterly Journal of Economics, 100 (1985), 1083-1113
    • (1985) Quarterly Journal of Economics , vol.100 , pp. 1083-1113
    • Hayashi, F.1
  • 25
    • 69949159750 scopus 로고    scopus 로고
    • "The Response of Household Expenditure to Anticipated Income Changes: Bonus Payments and the Seasonality of Consumption in Japan,"
    • Hori, Masahiro, and Satoshi Shimizutani, "The Response of Household Expenditure to Anticipated Income Changes: Bonus Payments and the Seasonality of Consumption in Japan," B.E. Journal of Macroeconomics, 9 (2009)
    • (2009) B.E. Journal of Macroeconomics , vol.9
    • Hori, M.1    Shimizutani, S.2
  • 26
    • 84865553527 scopus 로고    scopus 로고
    • 'Do Households Smooth Expenditure over Anticipated Income Changes? Evidence from Bonus Payments to Public Employees in Japan,'
    • Hori, Masahiro, and Satoshi Shimizutani, "Do Households Smooth Expenditure over Anticipated Income Changes? Evidence from Bonus Payments to Public Employees in Japan," Journal of the Japanese and International Economies, 26 (2012), 405-433
    • (2012) Journal of the Japanese and International Economies , vol.26 , pp. 405-433
    • Hori, M.1    Shimizutani, S.2
  • 27
    • 2942756042 scopus 로고    scopus 로고
    • 'DoConsumers React toAnticipated Income Changes? Evidence from the Alaska Permanent Fund,'
    • Hsieh, Chang-Tai, "DoConsumers React toAnticipated Income Changes? Evidence from the Alaska Permanent Fund," American Economic Review, 93 (2003), 397-405
    • (2003) American Economic Review , vol.93 , pp. 397-405
    • Hsieh, C.-T.1
  • 28
    • 79952590498 scopus 로고    scopus 로고
    • 'The Consumption Response to Income Changes,'
    • Jappelli, Tullio, and Luigi Pistaferri, "The Consumption Response to Income Changes," Annual Review of Economics, 2 (2010), 479-506
    • (2010) Annual Review of Economics , vol.2 , pp. 479-506
    • Jappelli, T.1    Pistaferri, L.2
  • 29
    • 33847617946 scopus 로고    scopus 로고
    • 'Household Expenditure and the Income Tax Rebates of 2001,'
    • Johnson, David S., Jonathan A. Parker, and Nicholas S. Souleles, "Household Expenditure and the Income Tax Rebates of 2001," American Economic Review, 96 (2006), 1589-1610
    • (2006) American Economic Review , vol.96 , pp. 1589-1610
    • Johnson, D.S.1    Parker, J.A.2    Souleles, N.S.3
  • 30
    • 84904569399 scopus 로고    scopus 로고
    • 'A Model of the Consumption Response to Fiscal Stimulus Payments,'
    • Kaplan, Greg, and Giovanni L. Violante, "A Model of the Consumption Response to Fiscal Stimulus Payments," Econometrica, 82 (2014), 1199-1239
    • (2014) Econometrica , vol.82 , pp. 1199-1239
    • Kaplan, G.1    Violante, G.L.2
  • 31
    • 0001621114 scopus 로고
    • 'Windfall Income and Consumption: Additional Evidence,'
    • Kreinin, Mordechai E., "Windfall Income and Consumption: Additional Evidence," American Economic Review, 51 (1961), 388-390
    • (1961) American Economic Review , vol.51 , pp. 388-390
    • Kreinin, M.E.1
  • 33
    • 85057210809 scopus 로고    scopus 로고
    • "Replication Data for: 'Excess Sensitivity of High-Income Consumers',"
    • Kueng, Lorenz, "Replication Data for: 'Excess Sensitivity of High-Income Consumers'," Harvard Dataverse, 2018 doi:10.7910/DVN/4PJ6GS
    • (2018) Harvard Dataverse
    • Kueng, L.1
  • 34
    • 40149101860 scopus 로고    scopus 로고
    • 'Consumption Dynamics under Information Processing Constraints,'
    • Luo, Yulei, "Consumption Dynamics under Information Processing Constraints," Review of Economic Dynamics, 11 (2008), 366-385
    • (2008) Review of Economic Dynamics , vol.11 , pp. 366-385
    • Luo, Y.1
  • 35
    • 0030526068 scopus 로고    scopus 로고
    • 'Permanent Income, Current Income, and Consumption: Evidence from Two Panel Data Sets,'
    • Lusardi, Annamaria, "Permanent Income, Current Income, and Consumption: Evidence from Two Panel Data Sets," Journal of Business and Economic Statistics, 14 (1996), 81-90
    • (1996) Journal of Business and Economic Statistics , vol.14 , pp. 81-90
    • Lusardi, A.1
  • 36
    • 84865383994 scopus 로고    scopus 로고
    • 'The Effects of Fiscal Stimulus: Evidence from the 2009 Cash for Clunkers Program,'
    • Mian, Atif, and Amir Sufi, "The Effects of Fiscal Stimulus: Evidence from the 2009 Cash for Clunkers Program," Quarterly Journal of Economics, 127 (2012), 1107-1142
    • (2012) Quarterly Journal of Economics , vol.127 , pp. 1107-1142
    • Mian, A.1    Sufi, A.2
  • 37
    • 84907957791 scopus 로고    scopus 로고
    • 'Consumption, Income Changes, and Heterogeneity: Evidence from Two Fiscal Stimulus Programs,'
    • Misra, Kanishka, and Paolo Surico, "Consumption, Income Changes, and Heterogeneity: Evidence from Two Fiscal Stimulus Programs," American Economic Journal: Macroeconomics, 6 (2014), 84-106
    • (2014) American Economic Journal: Macroeconomics , vol.6 , pp. 84-106
    • Misra, K.1    Surico, P.2
  • 38
    • 85057194638 scopus 로고    scopus 로고
    • "The Liquid Hand-to-Mouth: Evidence from Personal Finance Management Software,"
    • Forthcoming
    • Olafsson, Arna, and Michaela Pagel, "The Liquid Hand-to-Mouth: Evidence from Personal Finance Management Software," Review of Financial Studies, forthcoming
    • Review of Financial Studies
    • Olafsson, A.1    Pagel, M.2
  • 39
    • 0000040951 scopus 로고    scopus 로고
    • 'The Reaction of Household Consumption to Predictable Changes in Social Security Taxes,'
    • Parker, Jonathan A., "The Reaction of Household Consumption to Predictable Changes in Social Security Taxes," American Economic Review, 89 (1999), 959-973
    • (1999) American Economic Review , vol.89 , pp. 959-973
    • Parker, J.A.1
  • 40
    • 85030090531 scopus 로고    scopus 로고
    • 'Why Don't Households Smooth Consumption? Evidence from a 25 Million Dollar Experiment,'
    • Parker, Jonathan A, "Why Don't Households Smooth Consumption? Evidence from a 25 Million Dollar Experiment," American Economic Journal: Macroeconomics, 9 (2017), 153-183
    • (2017) American Economic Journal: Macroeconomics , vol.9 , pp. 153-183
    • Parker, J.A.1
  • 41
  • 42
    • 33750828079 scopus 로고    scopus 로고
    • 'Inattentive Consumers,'
    • Reis, Ricardo, "Inattentive Consumers," Journal ofMonetary Economics, 53 (2006), 1761-1800
    • (2006) Journal ofMonetary Economics , vol.53 , pp. 1761-1800
    • Reis, R.1
  • 43
    • 84935953652 scopus 로고
    • 'Is the Stabilization of the Postwar Economy a Figment of the Data?'
    • Romer, Christina D., "Is the Stabilization of the Postwar Economy a Figment of the Data?" American Economic Review, 76 (1986a), 314-334
    • (1986) American Economic Review , vol.76 , pp. 314-334
    • Romer, C.D.1
  • 44
    • 84935413436 scopus 로고
    • 'Spurious Volatility in Historical Unemployment Data,'
    • Romer, Christina D, "Spurious Volatility in Historical Unemployment Data," Journal of Political Economy, 94 (1986b), 1-37
    • (1986) Journal of Political Economy , vol.94 , pp. 1-37
    • Romer, C.D.1
  • 45
    • 0002540986 scopus 로고
    • 'The Cyclical Behavior of Individual Production Series, 1889-1984.'
    • Romer, Christina D, "The Cyclical Behavior of Individual Production Series, 1889-1984." Quarterly Journal of Economics, 106 (1991), 1-31
    • (1991) Quarterly Journal of Economics , vol.106 , pp. 1-31
    • Romer, C.D.1
  • 46
    • 84885983615 scopus 로고    scopus 로고
    • 'Consumption Smoothing after the Final Mortgage Payment: Testing the Magnitude Hypothesis,'
    • Scholnick, Barry, "Consumption Smoothing after the Final Mortgage Payment: Testing the Magnitude Hypothesis," Review of Economics and Statistics, 95 (2013), 1444-1449
    • (2013) Review of Economics and Statistics , vol.95 , pp. 1444-1449
    • Scholnick, B.1
  • 47
    • 2542418878 scopus 로고    scopus 로고
    • 'Did the 2001 Tax Rebate Stimulate Spending? Evidence from Taxpayer Surveys,'
    • Shapiro, Matthew D., and Joel B. Slemrod, "Did the 2001 Tax Rebate Stimulate Spending? Evidence from Taxpayer Surveys," Tax Policy and the Economy, 17 (2003), 83-109
    • (2003) Tax Policy and the Economy , vol.17 , pp. 83-109
    • Shapiro, M.D.1    Slemrod, J.B.2
  • 49
    • 0000660646 scopus 로고    scopus 로고
    • 'The Response of Household Consumption to Income Tax Refunds,'
    • Souleles, Nicholas S., "The Response of Household Consumption to Income Tax Refunds," American Economic Review, 89 (1999), 947-958
    • (1999) American Economic Review , vol.89 , pp. 947-958
    • Souleles, N.S.1
  • 50
    • 2942735402 scopus 로고    scopus 로고
    • '3rd of tha Month": Do Social Security Recipients Smooth Consumption Between Checks?'
    • Stephens, Melvin, "3rd of tha Month": Do Social Security Recipients Smooth Consumption Between Checks?" American Economic Review, 93 (2003), 406-422
    • (2003) American Economic Review , vol.93 , pp. 406-422
    • Stephens, M.1
  • 51
    • 80054006446 scopus 로고    scopus 로고
    • 'The Consumption Response to Seasonal Income: Evidence from Japanese Public Pension Benefits,'
    • Stephens, Melvin, and Takashi Unayama, "The Consumption Response to Seasonal Income: Evidence from Japanese Public Pension Benefits," American Economic Journal: Applied Economics, 3 (2011), 86-118
    • (2011) American Economic Journal: Applied Economics , vol.3 , pp. 86-118
    • Stephens, M.1    Unayama, T.2
  • 52
    • 0000538440 scopus 로고
    • 'Mental Accounting and Consumer Choice,'
    • Thaler, Richard, "Mental Accounting and Consumer Choice," Marketing Science, 4 (1985), 199-214
    • (1985) Marketing Science , vol.4 , pp. 199-214
    • Thaler, R.1
  • 53
    • 0039593731 scopus 로고
    • 'Goodness-of-Fit in Optimizing Models,'
    • Varian, Hal R., "Goodness-of-Fit in Optimizing Models," Journal of Econometrics, 46 (1990), 125-140
    • (1990) Journal of Econometrics , vol.46 , pp. 125-140
    • Varian, H.R.1
  • 55
    • 84936047538 scopus 로고
    • 'Consumption and Liquidity Constraints: An Empirical Investigation,'
    • Zeldes, Stephen P., "Consumption and Liquidity Constraints: An Empirical Investigation," Journal of Political Economy, 97 (1989), 305-346
    • (1989) Journal of Political Economy , vol.97 , pp. 305-346
    • Zeldes, S.P.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.