We use panel data on reported marginal propensity to consume (MPC) in the 2010 and 2016 Italy’s Survey of Household Income and Wealth. We uncover a strong negative relationship between cash-on-hand and MPC. This relation is attenuated by using regression methods that control for unobserved heterogeneity. The estimates are used to show that the effectiveness of revenue-neutral fiscal policies is much weaker relative to a case in which both observed and unobserved heterogeneity are not taken into account, particularly for policies that target the bottom part of the distribution of household resources.

中文翻译：

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报告的 MPC 和未观察到的异质性

我们使用了 2010 年和 2016 年意大利家庭收入和财富调查中报告的边际消费倾向 (MPC) 的面板数据。我们发现库存现金和 MPC 之间存在很强的负相关关系。这种关系通过使用控制未观察到的异质性的回归方法减弱。这些估计用于表明，相对于不考虑观察到的和未观察到的异质性的情况，收入中性财政政策的有效性要弱得多，特别是针对家庭资源分配底部的政策。