📢 #CallForPapers - CEPR Public Economics Annual Symposium 2026
15-16 June 2026 |📍University of Naples Federico II
Deadline: 31 January 2026
Organisers: Tullio Jappelli, @marco-pagano.bsky.social, Marco Pagnozzi, Johannes Spinnewijn
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A longstanding puzzle in macroeconomics is why individuals with similar levels of available liquidity can have very different marginal propensities to consume (MPCs). We use a new approach to better investigate differences in consumer behaviour in response to hypothetical, one-off gains and losses: using open-ended questions and text analysis to understand the motives underlying consumers decisions. High-liquidity individuals with high MPCs often cite mental accounting motives. Apparently illiquid individuals report a range of coping mechanisms in response to a loss, including labour supply responses, relying on friends and family and selling possessions. This implies greater effective liquidity than narrow financial measures indicate.
New CEPR Discussion Paper
DP19628 What would you do with £500? (...in your own words)
Thomas Crossley (University of Michigan), @peterlevell.bsky.social (@theifs.bsky.social), Sofía Sierra Vásquez (EUI)
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