报告主题：How do Households Respond to Permanent and Transitory Income Shocks?
Evidence from Pension Reforms in Urban China.
Consumption response to permanent and transitory income changes is of central interest in economic studies.Understanding how consumption responds dif ferently 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 pane diary dataset to examine how household consumption responds to transitory and per manent pension increases.We find that, for each pension increasethe reform, on av erage, increases both permanent and transitory pension incomes among the eligible households, respectively. Based on the responses in the consumption our estimates yield an estimate ofmarginal propensity toconsume(MPCbeing0.64to 0.96 but 0.05 to 0.12 for transitory incomeconsistent with structural estimation.The con sumption responses differ byconsumption categories.The estimated MPC is much larger among the households with higher liquidity constraintsBy contrast we find no significant changes in other household incomesincluding wageproperty, busi- ness or transfers.or other outcomes such as household sizestructure.and individua labor supplyThis paper provides novel evidence about different household respons es to transitory and permanent income changes and delivers policy implications for predicting dynamic household responses to public policies.
主讲人简介：黄炜
北大博雅青年学者、北大国发院经济学副教授(长聘)，海外高层次青年人才计划入选者，国发院本科教学主任。黄炜老师先后任职于美国经济研究局(NBER) 新加坡国立大学(NUS)和美国埃默里大学(EmoryUniversity)。研究兴趣主要集中于劳动经济学、健康经济学和公共经济学等领域。黄炜老师于2016年获得哈佛大学经济学博士学位。他的研究论文发表于NatureReviewofEconomics and Statistics,American Economic Journal:Applied EconomicsJournal of Labor Economics,Journal of Development EconomicsJournal of Economic Perspectives Social Science&Medicine以及《经济研究》《管理世界》《世界经济》《经济学(季刊)》《数量经济技术经济研究》《财贸经济》和《世界经济文汇》等国际国内顶尖学术期刊上。黄炜老师担任Economics ofTransition and InstitutionalChange共同主编China Economic Review JournalofAsianEconomics副主编和《经济学(季刊)》副主编，同时担任《经济研究》以及AER.OJEJPERestat.AEJ等国内外学术期刊匿名审稿人。
时间：2023年5月12日(星期五)9:00-11:30
主持人：鲁元平
收入分配与现代财政学科创新引智基地执行主任
地点：文沁楼119会议室