We document four features of consumption and income microdata: (1) household-level consumption is as volatile as household income on average, (2) household-level consumption has a positive but small correlation with income, (3) many low-wealth households have marginal propensities to consume...

We document four features of consumption and income microdata: 1) household-level consumption is as volatile as household income on average, 2) household-level consumption has a positive but small correlation with income, 3) many low-wealth households have marginal propensities to consume near...