華師經管學術講座第478期（經濟）
【主題】How Does Household Consumption Respond to Pension Increases?——Evidence from Monthly Panel Data in Urban China
【主講人】黃煒 長聘副教授（北京大學國家發展研究院）
【主持人】劉愿 教授
【時間】2024年7月4日（周四）14:00
【地點】301會議室
【摘要】Consumption response to permanent and transitory income changes is of central interest in economic studies. Understanding how consumption responds differently to transitory or permanent income changes is important for academia and policymakers. Exploring the prefectural policies that permanently and temporarily increase pension income in urban China, we use a representative monthly panel diary dataset to examine how household consumption responds to transitory and permanent pension increases. We find that, for each pension increase, the reform, on average, increases both permanent and transitory pension incomes among the eligible households, respectively. Based on the responses in the consumption, our estimates yield an estimate of marginal propensity to consume (MPC) being 0.64 to 0.96 but 0.05 to 0.12 for transitory income, consistent with structural estimation. The consumption responses differ by consumption categories. The estimated MPC is much larger among the households with higher liquidity constraints. By contrast, we find no significant changes in other household incomes, including wage, property, business or transfers, or other outcomes such as household size, structure, and individual labor supply. This paper provides novel evidence about different household responses to transitory and permanent income changes and delivers policy implications for predicting dynamic household responses to public policies.
【主講人簡介】北大博雅青年學者、北大國發院經濟學副教授（長聘），海外高層次國家級青年人才計劃入選者，國發院本科教學主任。先后任職于美國經濟研究局（NBER）、新加坡國立大學（NUS）和美國埃默里大學（Emory University）。研究興趣主要集中于勞動經濟學、健康經濟學和公共經濟學等領域。黃煒老師于2016年獲得哈佛大學經濟學博士學位。黃煒老師在 Nature，REStat，AEJ-applied，JoLE，JDE, JHR, JEP 和《經濟研究》《管理世界》《世界經濟》《經濟學》（季刊）國內外頂尖學術期刊上發表論文40余篇。擔任國際SSCI雜志EoT 共同主編，JEBO, CER和JAE副主編以及《經濟學》（季刊）副主編。曾獲張培剛發展經濟學青年學者獎，青木昌彥經濟學論文獎，教育部人文社科優秀成果-青年成果獎等。
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