Хэрэглээний хэт мэтрэмтгий байдлын ялгаа микро түвшинд байна уу? Хэрэв тийм бол яагаад"

Abstract

I study the excess sensitivity of the consumption to income across income groups using
Mongolian household survey data. I find heterogeneous excess sensitivity of consumption
to income across income groups. Such behavior can be rationalized in the context of the
stochastic trend hypothesis, given Mongolia’s relatively unstable economic development
and policy changes, dependent on the mining sector since the 2000s. Furthermore, contrary
to the case where liquidity constraints are considered to be the bottleneck, I find higher
sensitivity of the consumption in rather high-income groups than in the low-income groups.