Did marginal propensities to consume change with the housing boom and bust?
住房市场繁荣与衰退期间边际消费倾向是否改变？
Summary We extend a widely used semi‐structural model to identify and estimate dynamic consumption elasticities with respect to transitory income shocks. Applying our model to household survey data, we find a structural break in marginal propensities to consume following the end of the housing market boom, with the average across households increasing significantly. There is important heterogeneity by different household balance sheet characteristics, and the increase in the…