Data and Code for: The Micro Anatomy of Macro Consumption Adjustments

Principal Investigator(s): View help for Principal Investigator(s) Rafael Guntin, University of Rochester; Pablo Ottonello, University of Michigan; Diego J. Perez, New York University

Version: View help for Version V1

Name	File Type	Size	Last Modified
clean_stata			03/03/2023 01:31:AM
tables_figures_matlab			03/03/2023 01:31:AM
tables_figures_stata			03/03/2023 01:32:AM
main_matlab.m	text/x-matlab	585 bytes	03/02/2023 08:30:PM
main_stata.do	text/plain	3.7 KB	03/02/2023 08:30:PM

Project Description

Summary: 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.

Scope of Project

JEL Classification:
      E21 Macroeconomics: Consumption; Saving; Wealth
      F30 International Finance: General
      F32 Current Account Adjustment; Short-term Capital Movements

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Published Versions

V1 [2023-07-18]

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DDI 2.5

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