演講者簡介 : Professor Ottonello received his Ph.D. in Economics from Columbia University in 2015. He is an Assistant Professor at University of Michigan. His research interests are Macroeconomics, International Economics, Finance, and Monetary Economics.
演講摘要 : We study crises characterized by large adjustments of aggregate consumption through their microlevel patterns. We document the cross-sectional patterns of consumption adjustment across the income distribution and find large adjustments for top-income households, who exhibit consumption-income elasticities similar to or larger than the average. We construct a heterogeneous-agent open economy model of consumption under income fluctuations and show that the data patterns are largely consistent with theories that attribute the dynamics of aggregate consumption to changes in aggregate permanent income. We also discuss our findings’ implications for theories based on the tightening of households’ borrowing constraints and analyze policy implications.
