nondurables and services within one quarter of the payments. The MPC is heterogeneous, monotonically increasing with income, and … the average is largely driven by high-income households with substantial amounts of liquid assets, who have MPCs above 50 … show that the welfare loss from excess sensitivity depends on the MPC and the relative payment size as a fraction of income …

migrating peasants, and, consequently, has a positive effect on narrowing the rural-urban income or consumption gap. Urban labor …