暂时性收入变化与消费平滑：来自墨西哥的证据

中文摘要

我们检验了墨西哥现金转移支付项目PROSPERA的3534名受益者是否在转移支付发放日前后平滑了食品消费，以及消费平滑是否有成本。该转移支付是一种可预期的暂时性收入冲击，因此，永久收入假说（PIH）预测消费在其发放前后应保持平滑。我们发现，食品消费在转移支付日前后的数天内没有变化，也没有发现家庭为平滑消费而承担成本的证据。转移支付的获取成本——包括参与者对使用借记卡的反感以及高昂的ATM取款费用——可能有助于时间不一致且经验较少的借记卡持有者平滑消费。

Abstract

We test if 3534 beneficiaries of PROSPERA, Mexico’s cash transfer program, smooth food consumption before and after the date of the transfer receipt, and if consumption smoothing is costly. The transfer is an anticipated and transitory income shock and, thus, the PIH predicts that consumption should be smooth before and after its receipt. We find that food consumption does not change the days before and after the transfer date and we find no evidence that households bear costs to smooth consumption. The transfer’s cost of access, which encompasses participants’ distaste for using debit cards and costly ATM withdrawals, may help time-inconsistent and less experienced debit card holders smooth consumption.