Author: K. D. PattersonPublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
The Intertemporal Elasticity of Substitution in Consumption in the US and the UK
Author: K. D. PattersonThe Intertemporal Elasticity of Substitution in Consumption in the US and the UK
Author: Kerry David PattersonPublisher:
ISBN:
Category : Macroeconomics
Languages : en
Pages : 19
Book Description
Intertemporal Substitution in Consumption Revisited
Author: Zuliu HuPublisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 32
Book Description
Some of the highly controversial questions in macroeconomics critically hinge on the value of a single parameter of consumer preference--the elasticity of intertemporal substitution. This paper provides new estimates of this parameter for individual G-7 and a panel of twenty OECD countries. We find that single equation GMM estimates are typically small and imprecise, consistent with Hall’s (1988) finding from the U.S. data. Estimation of a system of equations that takes into account the cross-equation restrictions implied by theory, however, generally gives larger and better determined values for the parameter. The panel procedure also yields relatively large estimates. Overall our multi-country results contradict the hypothesis of zero intertemporal substitution.
Intertemporal Elasticity of Substitution in Consumption
Author: The Intertemporal Elasticity of Substitution in Consumption
Author: Christian C. StarckIntertemporal Substitution in Consumption
Author: Robert Ernest HallPublisher:
ISBN:
Category : Consumption (Economics)
Languages : en
Pages : 62
Book Description
Does a higher real interest rate induce significant postponement of consumption? According to the theory developed here, this question can be answered by studying the relation between the rate of growth of consumption and expected real interest rates. In postwar data for the United States, expected real returns have declined over time in the stock market and for savings accounts. Over the same period, the rate of growth of consumption has been almost steady. The paper concludes that intertemporal substitution is weak, for if it were strong, the growth rate of consumption would have declined.
Temporal and Intertemporal Substitution in Public and Private Consumption
Author: Hendrik P. van DalenComputable, Constructive & Behavioural Economic Dynamics
Author: Stefano ZambelliPublisher: Routledge
ISBN: 1135272530
Category : Business & Economics
Languages : en
Pages : 464
Book Description
The book contains thirty original articles dealing with important aspects of theoretical as well as applied economic theory. While the principal focus is on: the computational and algorithmic nature of economic dynamics; individual as well as collective decision process and rational behavior, some contributions emphasize also the importance of classical recursion theory and constructive mathematics for dynamical systems, business cycles theories, growth theories, and others are in the area of history of thought, methodology and behavioural economics. The contributors range from Nobel Laureates to the promising new generation of innovative thinkers. This volume is also a Festschrift in honour of Professor Kumaraswamy Vela Velupillai, the founder of Computable Economics, a growing field of research where important results stemming from classical recursion theory and constructive mathematics are applied to economic theory. The aim and hope is to provide new tools for economic modelling. This book will be of particular appeal to postgraduate students and scholars in one or more of the following fields: computable economics, business cycles, macroeconomics, growth theories, methodology, behavioural economics, financial economics, experimental and agent based economics. It might be also of importance to those interested on the general theme of algorithmic foundations for social sciences.
The Rational Consumer
Author: Robert Ernest HallPublisher: MIT Press
ISBN: 9780262081979
Category : Business & Economics
Languages : en
Pages : 212
Book Description
The Rational Consumer brings together eight articles that represent key points in the development of Robert Hall's ideas on consumption over the past two decades. Since the late 1960s, Robert Hall's research has had a significant impact on the macroeconomic study of consumer behavior. The Rational Consumer brings together eight articles that represent key points in the development of Hall's ideas on consumption over the past two decades. In his introduction, Hall puts this work into perspective, tying together his ideas and pointing to how consumer behavior should work in the future given what he has discovered.Working within the standard intertemporal models of consumption - the overlapping generations model and the infinite lifetime model - Hall's contributions to methodology have been especially important. Particularly noteworthy was his challenge to the prevalent model in which current consumption was seen as deriving from expected future income. Hall argued that consumption was, instead, based upon the actual present discounted value of future income.ContentsIntroduction - The Allocation of Wealth among the Generations of a Family that Lasts Forever - A Theory of Inheritance - The Dynamic Effects of Fiscal Policy in an Economy with Foresight - Consumption Taxes versus Income Taxes: Implications for Economic Growth - Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence - The Sensitivity of Consumption to Transitory Income: Estimates from Panel Data on Households (with Frederic S. Mishkin) - Intertemporal Substitution in Consumption - Survey of Research on the Random Walk of Consumption - The Role of Consumption in Economic Fluctuations
Intertemporal Substitution in Macroeconomics
Author: N. Gregory MankiwPublisher: Palala Press
ISBN: 9781378109380
Category : History
Languages : en
Pages : 74
Book Description
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