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The Consumption Response to Income Changes

Jappelli, Tullio, Pistaferri, Luigi·2010·Annual Review of Economics

DOI 10.1146/annurev.economics.050708.142933

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Abstract

We review different empirical approaches that researchers have taken to estimate how consumption responds to income changes. We critically evaluate the empirical evidence on the sensitivity of consumption to predicted income changes, distinguishing between the traditional excess sensitivity tests and the effect of predicted income increases and income declines. We also review studies that attempt to estimate the marginal propensity to consume out of income shocks, distinguishing between three different approaches: identifying episodes in which income changes unexpectedly, relying on the covariance restrictions that the theory imposes on the joint behavior of consumption and income growth, and combining realizations and expectations of income or consumption in surveys in which data on subjective expectations are available.

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Authors: Jappelli, T., & Pistaferri, L.
Affiliations: Centre for Studies in Economics and Finance (IT)
Center for Economic and Policy Research (US)
ORCID: Jappelli, Tullio
Pistaferri, Luigi
Venue: Annual Review of Economics
Publisher: Annual Reviews
Published: 2010-09-04
Volume: 2
Issue: 1
Pages: 479-506
ISSN: 1941-1383 (ISSN-L)
1941-1391
DOI: 10.1146/annurev.economics.050708.142933
OpenAlex: W3126088645
Cited by: 704
References: 86
Citations by year: 2026: 49 · 2025: 51 · 2024: 57 · 2023: 45 · 2022: 46 · 2021: 69 · 2020: 59 · 2019: 46 · 2018: 48 · 2017: 44 · 2016: 39 · 2015: 39 · 2014: 49 · 2013: 29 · 2012: 20
FWCI: 9.71
Type: journal article
Language: en
Open access: closed
Locations: Annual Review of Economics (publishedVersion)
RePEc: Research Papers in Economics (submittedVersion)
Topics: Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Monetary Policy and Economic Impact
Social Sciences › Economics, Econometrics and Finance › Finance › Financial Literacy, Pension, Retirement Analysis
Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Economic Theory and Policy
Keywords: marginal propensity to consume, income shocks, consumption surveys, income risk

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The Consumption Response to Income Changes

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