Economic policy uncertainty and household consumption: Evidence from Chinese households

被引：9
|
作者：
Wu, Weixing [1 ]
Zhao, Jing [1 ,2 ]
机构：
[1] Univ Int Business & Econ UIBE, Sch Banking & Finance, 10 East Huixin St, Beijing 100029, Peoples R China
[2] Chinese Acad Int Trade & Econ Cooperat CAITEC, 28 Andingmen Wai St, Beijing 100710, Peoples R China
来源：
JOURNAL OF ASIAN ECONOMICS | 2022年 / 79卷
关键词：
Household consumption; Economic policy uncertainty; Portfolio choice; SOCIAL-SECURITY; INSURANCE; HEALTH; RISK;
D O I：
10.1016/j.asieco.2021.101436
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We find that households reduce their consumption in response to higher economic policy uncertainty (EPU). Compared with lower income households, high income group is more severely affected which can be explained by the portfolio choice of illiquid asset and liquid asset. In addition, the uncertainty effect is more pronounced among older, wealthier, well-educated and urban households. The impact of EPU on household consumption is also persistent. Holding more liquid asset and commercial insurance represent important channels in mitigating the negative effect of EPU on household consumption.
引用
收藏
页数：13
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