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BEGIN:VEVENT
UID:calendar.135807.field_date.0@www.tse-fr.eu
DTSTAMP:20260518T031621Z
CREATED:20241002T151001Z
DESCRIPTION:Jeanne Commault\, “Heterogeneity in MPC Beyond Liquidity Constr
 aints: The Role of Permanent Earnings”\, Séminaire Banque de France\, Nove
 mber 5\, 2024\, 11:30–12:30\, BDF\, Paris\, room Salle 4GH and online.\n\n
 The marginal propensity to consume (MPC) is a central object in economics 
 that is key to understand the transmission of shocks. Recent empirical fin
 dings challenge the standard view that its distribution is mostly explaine
 d by constraints on liquid wealth: (i) some people with substantial liquid
  wealth have a high MPC\; (ii) higher current earnings\, which should rela
 x the constraints\, do not reduce the MPC. I note that\, in the standard c
 onsumption model\, it is the combination of people’s liquid wealth and the
  variance of their future earnings that determines their precautionary mot
 ive and constraints\, thus their MPC. Everything else being equal\, a high
 er permanent component of earnings\, means a higher variance of future ear
 nings and a higher MPC. This can explain (i)-(ii). Survey data support a l
 arge and positive effect of permanent earnings on the MPC. Numerical simul
 ations can replicate those findings quantitatively in a model with realist
 ic earnings risk.
DTSTART;TZID=Europe/Paris:20241105T113000
DTEND;TZID=Europe/Paris:20241105T123000
LAST-MODIFIED:20241003T001002Z
LOCATION:November 5\, 2024\, 11:30–12:30\, BDF\, Paris\, room Salle 4GH and
  online
SUMMARY:Séminaire Banque de France
URL;TYPE=URI:https://www.tse-fr.eu/seminars/2024-heterogeneity-mpc-beyond-l
 iquidity-constraints-role-permanent-earnings
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