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Author : Alan E. H. Speight
Publisher :
ISBN 13 :
Total Pages : 232 pages
Book Rating : 4.:/5 (43 download)
Download or read book Consumption, Rational Expectations and Liquidity written by Alan E. H. Speight and published by . This book was released on 1990 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Preston J. Miller
Publisher : MIT Press
ISBN 13 : 9780262631556
Total Pages : 534 pages
Book Rating : 4.6/5 (315 download)
Download or read book The Rational Expectations Revolution written by Preston J. Miller and published by MIT Press. This book was released on 1994 with total page 534 pages. Available in PDF, EPUB and Kindle. Book excerpt: These 21 readings describe the orgins and growth of the macroeconomic analysis known as "rational expectations". The readings trace the development of this approach from the late 1970s to the 1990s.
Author : Robert Ernest Hall
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (161 download)
Download or read book Consumption written by Robert Ernest Hall and published by . This book was released on 1987 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroeconomic research on consumption has been influenced profoundly by rational expectations. First, rational expectations together with the hypothesis of constant expected real interest rates implies that consumption should evolve as a random walk. Much of the research of the past decade has been devoted to testing the random walk hypothesis and to explaining its failure. Three branches of the literature have developed. The first relies on the durability of consumption to explain deviations from the random walk property. The second invokes liquidity constraints which block consumers from the credit market transactions needed to make consumption follow a random walk when income fluctuates up and down. The third branch dispenses with the assumption that expected real interest rates are constant. It attempts to explain deviations from the random walk in terms of intertemporal substitution.
Author : Robert Ernest Hall
Publisher : MIT Press
ISBN 13 : 9780262081979
Total Pages : 212 pages
Book Rating : 4.0/5 (819 download)
Download or read book The Rational Consumer written by Robert Ernest Hall and published by MIT Press. This book was released on 1990 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
Author :
Publisher :
ISBN 13 :
Total Pages : 780 pages
Book Rating : 4.:/5 (94 download)
Download or read book Consumption, Rational Expectations, Information and Liquidity written by and published by . This book was released on 1988 with total page 780 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Daron Acemoglu
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.E/5 ( download)
Download or read book Consumer Confidence and Rational Expectations written by Daron Acemoglu and published by . This book was released on 1993 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : George Hadjimatheou
Publisher :
ISBN 13 :
Total Pages : 296 pages
Book Rating : 4.F/5 ( download)
Download or read book Consumer Economics After Keynes written by George Hadjimatheou and published by . This book was released on 1987 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Don Lavoie
Publisher : Routledge
ISBN 13 : 1134842910
Total Pages : 340 pages
Book Rating : 4.1/5 (348 download)
Download or read book Expectations and the Meaning of Institutions written by Don Lavoie and published by Routledge. This book was released on 2005-08-19 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of Lachmann's essays outline his approach to economics and, in particular, his emphasis on the meaning of human institutions in a world of unpredictable change, rather than on quantitative and stable relations.
Author : Klaus Schmidt-Hebbel
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4./5 ( download)
Download or read book Fiscal and Monetary Contraction in Chile written by Klaus Schmidt-Hebbel and published by World Bank Publications. This book was released on 1995 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Fumio Hayashi
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.3/5 (9 download)
Download or read book Tests for Liquidity Constraints written by Fumio Hayashi and published by . This book was released on 1985 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper surveys recent empirical work on tests for liquidity constraints. The focus of the survey is on the tests based on the Euler equation. After examining the technical aspects of the recent tests on aggregate time-series data and on micro data, the survey tries to evaluate their economic significance. The paper concludes that for a significant fraction of the population the behavior of consumption over time is affected in away predicted by credit rationing and differential borrowing and lending rates. However, the available evidence is shown to have failed in providing information necessary to calculate the response of consumption to changes in the time profile of income. The paper attributes the failure to the fact that not much attention in the literature has been paid to the cause of liquidity constraints.
Author : George W. Evans
Publisher :
ISBN 13 :
Total Pages : 51 pages
Book Rating : 4.:/5 (254 download)
Download or read book Expectations, learning and monetary policy written by George W. Evans and published by . This book was released on 2008 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Marjorie Flavin
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.0/5 ( download)
Download or read book Excess Sensitivity of Consumption to Current Income written by Marjorie Flavin and published by . This book was released on 1984 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Almost all of the recent empirical tests of the rational expectations - permanent income hypothesis (RE-PIH) have rejected the hypothesis. The null hypothesis in this empirical literature typically consists of the joint hypothesis that 1) agents' expectations are formed rationally, 2) desired consumption is determined by permanent income, and 3) capital markets are"perfect" in the sense that agents can lend or borrow against expected future income at the same interest rate. This paper attempts to determine whether the excess sensitivity of consumption to current income can be attributed to a failure of the third component of the joint hypothesis -- the assumption of "perfect" capital markets -- as opposed to a failure of one or both of the first two assumptions. The paper examines, as a specific alternative to the PIH, a simple "Keynesian" consumption function in which the behavioral MPC out of transitory income is different from zero. Interpreting the unemployment rate as a proxy for the proportion of the population subject to liquidity constraints, the paper uses a generalized version of the econometric model in my earlier paper(1981) to conduct a specification test of the "Keynesian" consumption function. The finding that the estimate of the MPC out of transitory income is dramatically affected, in both magnitude and statistical significance, by the inclusion of the proxy for liquidity constraints suggests that liquidity constraints are an important part of the explanation of the observed excess sensitivity of consumption to current income.
Author : Joep Lustenhouwer
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (115 download)
Download or read book Fiscal Stimulus In Expectations-Driven Liquidity Traps written by Joep Lustenhouwer and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: I study liquidity traps in a model where agents have heterogeneous expectations and finite planning horizons. Backward-looking agents base their expectations on past observations, while forward-looking agents have fully rational expectations. Liquidity traps that are fully or partly driven by expectations can arise due to pessimism of backward-looking agents. Only when planning horizons are finite, these liquidity traps can be of longer duration without ending up in a deflationary spiral. I further find that fiscal stimulus in the form of an increase in government spending or a cut in consumption taxes can be very effective in mitigating the liquidity trap. A feedback mechanism of heterogeneous expectations causes fiscal multipliers to be the largest when the majority of agents is backward-looking but there also is a considerable fraction of agents that are forward-looking. Labor tax cuts are always deflationary and are not an effective tool in a liquidity trap.
Author : Joseph G. Altonji
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (13 download)
Download or read book Testing the Response of Consumption to Income Changes with (noisy) Panel Data written by Joseph G. Altonji and published by . This book was released on 1986 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper tests the rational expectations lifecycle model of consumption against (1) a simple Keynesian model and (ii) the rational expectations lifecycle model with imperfect capital markets. The tests are based upon the relative responsiveness of consumption to income changes which can be predicted from past information and income changes which cannot be predicted. Since there is strong evidence that panel data contains substantial measurement error, the tests are especially constructed to allow for measurement error in the income process. They also allow for more general income processes than have been considered to date in the literature. The results reject the Keynesian model and generally support the lifecycle model, although the tests are not sufficiently precise to rule out the possibility that some households are liquidity constrained. Measurement error does have a strong influence on the relationship between consumption and income. When it is ignored our tests do not reject the Keynesian model. We show that consideration of measurement error may also reconcile differences in the results of Hall and Mishkin (1982) and Bernanke(1984). Nevertheless, our most important conclusion is that Hall and Mishkin's, Bernanke's, and Hayashi's (198 ) qualitative finding that the vast majority of households obey the lifecycle model is not an artifact of failure to account for measurement error in the income data
Author : Theodore M. Porter
Publisher :
ISBN 13 : 0415107121
Total Pages : 310 pages
Book Rating : 4.4/5 (151 download)
Download or read book Trust in Numbers written by Theodore M. Porter and published by . This book was released on 1995 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Joseph G. Altonji
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Testing the Response of Consumption to Income Changes with (Noisy) Paneldata written by Joseph G. Altonji and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper tests the rational expectations lifecycle model of consumption against (1) a simple Keynesian model and (ii) the rational expectations lifecycle model with imperfect capital markets. The tests are based upon the relative responsiveness of consumption to income changes which can be predicted from past information and income changes which cannot be predicted. Since there is strong evidence that panel data contains substantial measurement error, the tests are especially constructed to allow for measurement error in the income process. They also allow for more general income processes than have been considered to date in the literature. The results reject the Keynesian model and generally support the lifecycle model, although the tests are not sufficiently precise to rule out the possibility that some households are liquidity constrained. Measurement error does have a strong influence on the relationship between consumption and income. When it is ignored our tests do not reject the Keynesian model. We show that consideration of measurement error may also reconcile differences in the results of Hall and Mishkin (1982) and Bernanke(1984). Nevertheless, our most important conclusion is that Hall and Mishkin's, Bernanke's, and Hayashi's (198 ) qualitative finding that the vast majority of households obey the lifecycle model is not an artifact of failure to account for measurement error in the income data.
Author : Douglas Fisher
Publisher : London : MacMillan
ISBN 13 :
Total Pages : 428 pages
Book Rating : 4.3/5 (91 download)
Download or read book Macroeconomic Theory written by Douglas Fisher and published by London : MacMillan. This book was released on 1983 with total page 428 pages. Available in PDF, EPUB and Kindle. Book excerpt:
