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Estimating the marginal propensity to consume using the distributions of income, consumption and wealth

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  • Jonathan D. Fisher
  • David Johnson
  • Timothy Smeeding
  • Jeffrey P. Thompson

Abstract

Recent studies of economic inequality almost always separately examine income, consumption, and wealth inequality and, hence, miss the important synergy among the three measures explicit in the life-cycle budget constraint. Using Panel Study of Income Dynamics data from 1999 through 2013, we examine whether these changes are more dramatic at higher or lower levels of wealth and find that the marginal propensity to consume is lower at higher wealth quintiles. This suggests that low-wealth households cannot smooth consumption as much as other households do, which further implies that increasing wealth inequality likely reduces aggregate consumption and limits economic growth.

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  • Jonathan D. Fisher & David Johnson & Timothy Smeeding & Jeffrey P. Thompson, 2019. "Estimating the marginal propensity to consume using the distributions of income, consumption and wealth," Working Papers 19-4, Federal Reserve Bank of Boston.
  • Handle: RePEc:fip:fedbwp:19-4
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    Cited by:

    1. Jonathan D. Fisher & David S. Johnson & Timothy M. Smeeding & Jeffrey P. Thompson, 2022. "Inequality in 3‐D: Income, Consumption, and Wealth," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 68(1), pages 16-42, March.
    2. Athiphat Muthitacharoen & Trongwut Burong, 2022. "How do taxpayers respond to tax subsidy for long-term savings? Evidence from Thailand’s tax return data," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 29(3), pages 726-750, June.
    3. Mark S Mygrant, 2020. "Keeping profits at home: A study of firm ownership and the geographical concentration of capital gains in the United States," Local Economy, London South Bank University, vol. 35(5), pages 460-481, August.
    4. Max. A. Mosley & Edmund Cornforth, 2023. "The Macroeconomic Effect of the UK’s 2022 Cost-of-Living Payments," Discussion Papers 2316, Centre for Macroeconomics (CFM).
    5. Roth, Steve, 2022. "Distributional Haig-Simons Income Accounts for U.S. Households, 2000-2019," MPRA Paper 114524, University Library of Munich, Germany.
    6. Zachary Parolin & Megan Curran & Jordan Matsudaira & Jane Waldfogel & Christoper Wimer, 2021. "Estimating Monthly Poverty Rates in the United States," Poverty and Social Policy Brief 20415, Center on Poverty and Social Policy, Columbia University.
    7. Chikhale, Nisha, 2023. "The effects of uncertainty shocks: Implications of wealth inequality," European Economic Review, Elsevier, vol. 154(C).
    8. Heck, Ines & Oyvat, Cem, 2023. "Productivity, wages and structural change: a two-sector demand-led model," Greenwich Papers in Political Economy 38601, University of Greenwich, Greenwich Political Economy Research Centre.
    9. Rapp, Severin, 2023. "Wealth distribution and household economies of scale: Do families matter for inequality?," Department of Economics Working Paper Series 336, WU Vienna University of Economics and Business.
    10. Javier Andrés & José E. Boscá & Javier Ferri & Cristina Fuentes‐Albero, 2022. "Households' Balance Sheets and the Effect of Fiscal Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 54(4), pages 737-778, June.
    11. van Netten, Jamie, 2023. "The relationship between inequality and bank credit in Australia," Warwick-Monash Economics Student Papers 54, Warwick Monash Economics Student Papers.
    12. Elizabeth Ananat & Benjamin Glasner & Christal Hamilton & Zachary Parolin, 2021. "Effects of the Expanded Child Tax Credit on Employment Outcomes: Evidence from Real-World Data," Poverty and Social Policy Brief 20414, Center on Poverty and Social Policy, Columbia University.
    13. Mark Aguiar & Mark Bils & Corina Boar, 2020. "Who Are the Hand-to-Mouth?," Working Papers 2020-9, Princeton University. Economics Department..
    14. Severin Rapp, 2023. "Wealth distribution and household economies of scale: Do families matter for inequality?," Department of Economics Working Papers wuwp336, Vienna University of Economics and Business, Department of Economics.
    15. Herr, Hansjörg, 2021. "Macroeconomic transformation of capitalism - How to achieve politically determined growth rates?," IPE Working Papers 170/2021, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    16. Cho, Yunho & Morley, James & Singh, Aarti, 2019. "Marginal propensities to consume before and after the Great Recession," Working Papers 2019-11, University of Sydney, School of Economics, revised Sep 2021.
    17. Mark Aguiar & Corina Boar & Mark Bils, 2019. "Who Are the Hand-to-Mouth?," 2019 Meeting Papers 525, Society for Economic Dynamics.
    18. Zachary Parolin & Megan Curran & Jordan Matsudaira & Jane Waldfogel & Christopher Wimer, 2022. "Estimating Monthly Poverty Rates in the United States," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 41(4), pages 1177-1203, September.
    19. Sergei Aliukov & Jan Buleca, 2022. "Comparative Multidimensional Analysis of the Current State of European Economies Based on the Complex of Macroeconomic Indicators," Mathematics, MDPI, vol. 10(5), pages 1-29, March.
    20. Roth, Steve, 2021. "Spending by Bottom-80% U.S. Households Is Persistently Greater than Income. What Funds the Deficit?," MPRA Paper 110670, University Library of Munich, Germany.
    21. Nizam, Ahmed Mehedi, 2021. "Effect of Government Transfer on Money Supply: A Closer Look into the Interaction Between Monetary and Fiscal Policy," MPRA Paper 109394, University Library of Munich, Germany.
    22. Josef Baumgartner & Serguei Kaniovski & Marian Fink & Margit Schratzenstaller, 2021. "Steuerreform 2022/2024 – Gesamtwirtschaftliche Wirkungen," WIFO Monatsberichte (monthly reports), WIFO, vol. 94(12), pages 883-898, December.
    23. Samih A Azar, 2021. "Measuring the US marginal propensity to consume," Economics Bulletin, AccessEcon, vol. 41(2), pages 283-292.

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    More about this item

    Keywords

    marginal propensity to consume; wealth distribution; inequality;
    All these keywords.

    JEL classification:

    • D15 - Microeconomics - - Household Behavior - - - Intertemporal Household Choice; Life Cycle Models and Saving
    • D30 - Microeconomics - - Distribution - - - General
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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