Author: Charlotte OstergaardPublisher:
ISBN:
Category : Consumption (Economics)
Languages : en
Pages : 30
Book Description
Consumption and Aggregate Constraints
Author: Charlotte OstergaardPublisher:
ISBN:
Category : Consumption (Economics)
Languages : en
Pages : 30
Book Description
Consumption and Aggregate Constraints
Author: Charlotte OstergaardPublisher:
ISBN:
Category : Consumption (Economics)
Languages : en
Pages : 40
Book Description
Consumption and Aggregate Constraints : Evidence from US States and Canadian Provinces
Author: Charlotte OstergaardConsumption and Aggregate Constraints
Author: Joseph P. DeJuanPublisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
This paper documents that region-level consumption exhibits excess sensitivity to lagged region-level income in Italy, Japan, Spain, the UK and West Germany. However, region-specific consumption exhibits substantially less sensitivity to lagged region-specific income. Moreover, excess sensitivity is inversely related to standard measures of openness and credit market integration and for most countries, it has decreased over time. These findings are consistent with the results reported by Ostergaard et al. [Journal of Political Economy (2002) Vol. 110, pp. 634-645] for US states and Canadian provinces, and provide empirical support for the hypothesis that closed-economy constraints may partly be responsible for the excess sensitivity phenomenon in aggregate data.
Consumption and Aggregate Constraints
Author: Charlotte OstergaardPublisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
State-level consumption exhibits excess sensitivity to lagged income to the same extent as U.S. aggregate data, but state-specific (idiosyncratic) consumption exhibits substantially less sensitivity to lagged state-specific income - a result that also holds for Canadian provinces. We propose the following interpretation: borrowing and lending in response to changes in consumer demand are easier for individual U.S. states than for the United States as a whole, and therefore, the measured deviation from the benchmark permanent income hypothesis model is smaller. However, lagged state-specific variables help predict state-specific consumption, suggesting that the PIH model still requires qualification.
Permanent Income, Consumption and Aggregate Constraints
Author: Charlotte OstergaardPublisher:
ISBN:
Category : Income
Languages : en
Pages : 48
Book Description
Credit Constraints, Learning and Aggregate Consumption Volatility
Author: Daniel L. TortoriceAggregate Consumption Behaviour with Time-Nonseparable Preferences and Liquidity Constraints
Author: Tony S. WirjantoPublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
This paper estimates and tests several versions of the consumption-based asset pricing model extended to allow for time-nonseparable preferences and/or liquidity constraint proxies, using Canadian aggregate data. It is found that a habit-persistence effect uncovered in the time-nonseparable preference model is due to the model's misspecification and that liquidity constraints have significant effects on an individual's intertemporal consumption behaviour.
Author: Tony S. Wirjanto
Author: