美联储-美国的能源消耗和不平等：谁是能源负担？（英）

Finance and Economics Discussion SeriesFederal Reserve Board, Washington, D.C.ISSN 1936-2854 (Print)ISSN 2767-3898 (Online)Energy Consumption and Inequality in the U.S.: Who are theEnergy Burdened?Octavio M. Aguilar and Cristina Fuentes-Albero2025-026Please cite this paper as:Aguilar, Octavio M., and Cristina Fuentes-Albero (2025). “Energy Consumption and In-equality in the U.S.: Who are the Energy Burdened?,” Finance and Economics Discus-sion Series 2025-026.Washington: Board of Governors of the Federal Reserve System,https://doi.org/10.17016/FEDS.2025.026.NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminarymaterials circulated to stimulate discussion and critical comment. The analysis and conclusions set forthare those of the authors and do not indicate concurrence by other members of the research staff or theBoard of Governors. References in publications to the Finance and Economics Discussion Series (other thanacknowledgement) should be cleared with the author(s) to protect the tentative character of these papers.Energy Consumption and Inequality in the U.S.:Who are the Energy Burdened?*Octavio M. Aguilar‡Cristina Fuentes-Albero‡April 1, 2025AbstractUsing a broad definition of energy consumption that includes both residential energy useand gasoline for transport, we identify 20% of households in the PSID as energy burdened (EB)based on a twice-the-median, income-based threshold. Logit analysis shows that being non-white, being single with dependents, receiving public assistance, having no post-secondaryeducation, and being unemployed increase the probability of being EB. We document four keyempirical facts: (1) EB/non-EB status is persistent; (2) EB households have significantly highermarginal propensities to consume and marginal propensities to consume energy comparedto non-EB households; (3) EB households experience lower expected energy consumptiongrowth despite having higher expected income growth relative to non-EB households; and (4)EB households face more volatile energy consumption and income than non-EB households.Lastly, we show that both consumption inequality and energy consumption inequality haverisen more moderately than income inequality over the 1999 to 2021 period. Inequality inresidential energy consumption increased until 2009, then declined, whereas inequality ingasoline consumption for transport has risen steadily, reaching a level 50% higher in 2021than in 1999.JEL CLASSIFICATION: E21, I32.KEYWORDS: ENERGY CONSUMPTION, ENERGY BURDEN, INEQUALITY*We thank Matthias Paustian, Andreas Tischbirek, Javier Ferri, and seminar participants at the FederalReserve Board, the conference "Macroeconomic Implications of Decarbonization Policies and Actions", the2024 Southern Economic Association, and the 2024 Workshop of the G7 CCMWG modeling experts forvery useful comments and suggestions. The views expressed in this paper are solely the responsibility ofthe authors and should not be interpreted