Using high-frequency spending data, we show that household consumption displays excess sensitivity to salient macroeconomic news, even when the news is not real. When the announced local unemployment rate reaches a 12-month maximum, local news coverage of unemployment increases and local consumers reduce their discretionary spending by 1.5% relative to consumers in areas with the same macroeconomic conditions. Low-income households display greater excess sensitivity to salience. The decrease in spending is not later reversed. Households in treated areas act as if they are more financially constrained than those in untreated areas with the same fundamentals.

中文翻译：

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在（看似）坏消息之后减少支出


使用高频支出数据，我们表明家庭消费对重大宏观经济新闻表现出过度敏感，即使该新闻并不真实。当公布的本地失业率达到12个月以来的最高水平时，当地有关失业的新闻报道就会增加，本地消费者的可自由支配支出相对于宏观经济条件相同的地区的消费者来说会减少1.5%。低收入家庭对显着性表现出更大的过度敏感性。支出的减少以后不会逆转。在基本情况相同的情况下，治疗地区的家庭似乎比未治疗地区的家庭在经济上受到更多限制。