How Fiscal Multipliers Diverge Across Income Strata — And Why Aggregate Models Obscure Distributional Reality

财政乘数在不同收入阶层间的分化——以及为何总量模型掩盖了分配现实

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Fiscal stimulus does not operate uniformly: marginal propensity to consume varies sharply across income deciles.
High-income households allocate over 70% of additional income toward savings or asset purchases, not domestic goods.

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