Journal of the European Economic Association · 2026 · Bertrand Garbinti、Pierre Lamarche、Frédérique Savignac
中文摘要
我们详细估计了财富边际消费倾向（MPC）如何随家庭财富分布和资产构成而变化，并分析了欧元区国家间MPC异质性的来源。为此，我们（1）构建了一个结合五个欧洲国家财富与消费调查的家庭层面面板数据集；（2）使用工具变量家庭层面面板回归。首先，我们发现财富分布中存在异质性，高财富家庭的MPC较低。其次，我们考虑了资产构成，并显示住房财富在所有国家中均发挥重要作用。我们表明，研究结果显示存在抵押品渠道。第三，各国间MPC的差异主要可由德国（相对于西班牙）特有的制度和社会经济特征，以及比利时、塞浦路斯和意大利消费行为的差异来解释。我们表明，MPC异质性与住房拥有率、抵押贷款市场、人口特征和财富不平等有关。最后，我们考察了异质性MPC和财富不平等在多大程度上影响消费不平等。
Abstract
Abstract We provide detailed estimates of how the marginal propensity to consume out of wealth (MPC) varies along the distribution of household wealth and by asset composition, and analyse the sources of MPC heterogeneity across euro area countries. To do this, we (1) build a household-level panel dataset combining wealth and consumption surveys for five European countries, and (2) use instrumented household-level panel regressions. First, we find heterogeneity across the wealth distribution with lower MPCs for high-wealth households. Second, we account for asset composition and show the significant role of housing wealth in all countries. We show that our results are indicative of a collateral channel. Third, cross-country differences in MPCs are mostly explained by country-specific institutional and socio-economic characteristics in Germany (compared to Spain) and by differences in consumption behaviours for Belgium, Cyprus and Italy. We show that MPC heterogeneity is related to homeownership rates, mortgage markets, demographics, and wealth inequality. Finally, we investigate to what extent heterogeneous MPC and wealth inequality affect consumption inequality.