财富异质性与财富的边际消费倾向
Wealth Heterogeneity and the Marginal Propensity to Consume Out of Wealth
Journal of the European Economic Association · 2026 · [{"name": "Bertrand Garbinti", "affiliation": ["Centre de Recherche en Économie et Statistique", "Centre for Economic Policy Research", "ENSAE Paris"]}, {"name": "Pierre Lamarche", "affiliation": ["Centre de Recherche en Économie et Statistique", "National Institute of Statistics and Economic Studies"]}, {"name": "Frédérique Savignac", "affiliation": ["Banque de France"]}]
中文摘要
摘要 我们详细估计了财富的边际消费倾向 (MPC) 如何随家庭财富分布和资产构成而变化, 并分析欧元区国家间 MPC 异质性的来源。为此, 我们 (1) 构建了一个家庭层面的面板数据集, 结合五个欧洲国家的财富与消费调查; (2) 使用带工具变量的家庭层面面板回归。第一, 我们发现 MPC 在财富分布上存在异质性, 高财富家庭的 MPC 较低。第二, 我们考虑了资产构成, 表明住房财富在所有国家中都起到显著作用; 我们认为这一结果指向抵押品渠道。第三, MPC 的跨国差异在德国 (相对于西班牙) 主要由国家特定的制度与社会经济特征解释, 而在比利时、塞浦路斯和意大利则主要由消费行为的差异解释。我们表明, MPC 异质性与住房拥有率、抵押贷款市场、人口结构以及财富不平等相关。最后, 我们考察异质性 MPC 与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.