Exploiting U.S. households’ consumption survey data, we study whether recently developed indices of macroeconomic uncertainty (e.g., Jurado et al., 2015; Baker et al., 2016; Bekaert et al., 2019) affect household consumption choices. We find that positive shocks to financial, real, and macroeconomic uncertainty indices by Jurado et al. (2015), as well as S&P 500 implied volatility (VIX) significantly depress U.S. households’ consumption. We also find that households that are more uncertain about their individual future consumption react to economic uncertainty more sensitively. The real and macro uncertainty indices by Jurado et al. (2015) also have a long-lasting effect on consumption choices, consistent with the habit formation model.

利用美国家庭的消费调查数据，我们研究了最近开发的宏观经济不确定性指数（例如，Jurado等，2015； Baker等，2016； Bekaert等，2019）是否影响家庭消费选择。我们发现Jurado等人对金融，实际和宏观经济不确定性指数产生了积极的冲击。（2015年）以及标准普尔500指数隐含波动率（VIX）严重压低了美国家庭的消费。我们还发现，对自己的未来消费有更多不确定性的家庭对经济不确定性的反应更加敏感。Jurado等人的实数和宏观不确定性指数。（2015）也对消费选择产生了长期影响，与习惯养成模型一致。