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Lower Income Households’ Vulnerability to the Recent Commodity Price Surge

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Abstract

In a previous post, I discussed the impact of changing commodity prices on the discretionary income of households and concluded that these effects generally were relatively modest except in cases of extreme swings in commodity prices. As many people know, there was a large surge in energy prices during the first quarter of 2011, and it appears to have had a significant effect on discretionary income and consumer spending. (See recent speeches by Federal Reserve Chairman Bernanke and New York Fed President Dudley; for views outside the Fed, see FT Alphaville, Tim Duy, and James Hamilton.)

Suggested Citation

  • Jonathan McCarthy, 2011. "Lower Income Households’ Vulnerability to the Recent Commodity Price Surge," Liberty Street Economics 20110613, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:86751
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    Keywords

    income quintiles; Consumer Expenditure Survey; commodity prices; consumption; disposable income; low-income households;
    All these keywords.

    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment

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