⁴⁴The MPCs calculated in Table 3 are ‘theoretical’, i.e., based on the slope of the consumption function. Alternatively, we have also calculated the following ‘discrete’ MPCs based on an increase in spending over the next four quarters after the household received an unexpected $ 1,000 extra in income. The implied MPCs for such calculation are slightly lower than the ones we report, e.g., for the aggregate MPC in the perpetual youth β-Dist model we get a value of 0.18 (instead of 0.21 reported in column 6 of Table 3).