4Dynan [2000] is the best known micro study; many others are reported in Havranek et al. [2017]. It is well-known that household-level data on consumption are subject to substantial measurement error. Consequently, some attenuation of the micro estimates of χ  might be expected (even though many studies use estimation techniques robust to measurement error). But an extreme amount of noise would be required for the estimated coefficient to be as close to 0 as estimated for the many micro studies in Figure 1.