A Kalman-smoother-based estimator applied to Swedish administrative data reveals a steep, convex negative gradient in the marginal propensity to consume with respect to cash-on-hand, from 0.7 to 0.3 across deciles.
Stock market returns and consumption
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Identifying the MPC-Liquidity Gradient in High-Quality Data
A Kalman-smoother-based estimator applied to Swedish administrative data reveals a steep, convex negative gradient in the marginal propensity to consume with respect to cash-on-hand, from 0.7 to 0.3 across deciles.