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Author : J. Joseph Beaulieu
Publisher :
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.3/5 ( download)
Download or read book Optimal Durable and Nondurable Consumption with Transactions Costs written by J. Joseph Beaulieu and published by . This book was released on 1993 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : J. Joseph Beaulieu
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (849 download)
Download or read book Optimal Durable and Nondurable Consumption with Transaction Costs written by J. Joseph Beaulieu and published by . This book was released on 1993 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : J. Joseph Beaulieu (Economiste.)
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (73 download)
Download or read book Optimal Durable and Nondurable Consumption with Transactions Costs written by J. Joseph Beaulieu (Economiste.) and published by . This book was released on 1993 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Robert F. Martin
Publisher :
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.3/5 (121 download)
Download or read book Consumption, Durable Goods, and Transaction Costs written by Robert F. Martin and published by . This book was released on 2002 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : John Joseph Beaulieu
Publisher :
ISBN 13 :
Total Pages : 394 pages
Book Rating : 4.:/5 (278 download)
Download or read book On Durable and Nondurable Consumption with Transactions Costs written by John Joseph Beaulieu and published by . This book was released on 1992 with total page 394 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Orazio P. Attanasio
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.3/5 ( download)
Download or read book Intertemporal Consumption Choices, Transaction Costs and Limited Participation to Financial Markets written by Orazio P. Attanasio and published by . This book was released on 2007 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper builds a unifying framework that, within the theory of intertemporal consumption choices, brings together the limited participation -based explanation of the poor empirical performance of the C-CAPM and the transaction costs-based explanation of incomplete portfolios. Using the implications of the consumption model and observed household consumption and portfolio choices, we identify the preference parameters of interest and a lower bound for the costs rationalizing non-participation in financial markets, in the presence of unobserved heterogeneity in tastes for consumption and portfolio allocation. Using the US Consumer Expenditure Survey and assuming isoelastic preferences, we estimate the coefficient of relative risk aversion at 1.7 and a cost bound of 0.4 percent of non-durable consumption. Our estimate of the preference parameter is theoretically plausible and the bound sufficiently small to be likely to be exceeded by the actual total (observable and unobservable) costs of participating to financial markets.
Author : Fernando Alvarez
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (12 download)
Download or read book Durable Consumption and Asset Management with Transaction and Observation Costs written by Fernando Alvarez and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: The empirical evidence on rational inattention lags far behind the theoretical developments: micro evidence on the most immediate consequence of observation costs â?' the infrequent observation of state variables â?' is not available in standard datasets. We contribute to filling the gap with two novel household surveys that record the frequency with which investors observe the value of their financial investments, as well as the frequency with which they trade in financial assets and durable goods. We use these data to test some predictions of existing models and show that to match the patterns in the data we need to modify these models by shifting the focus from non-durable to durable consumption. The model we develop features both observation and transaction costs and implies a mixture of time-dependent and state-dependent rules, where the importance of each rule depends on the ratio of the observation to the transaction cost. Numerical simulations show that the model can produce frequency of portfolio observations and asset trading comparable to that of the median investor (about 4 and 0.4 per year, respectively) with small observation costs (about 1 basis point of financial wealth) and larger transaction costs (about 30 basis points of financial wealth). In spite of its small size the observation cost gives rise to infrequent information gathering (between monthly and quarterly). A quantitative assessment of the relevance of the observation costs shows that the behavior of investors is essentially unchanged compared to the one produced by a model with transaction but no observation cost. We test a novel prediction of the model on the relationship between assets trades and durable-goods trades and find that it is aligned with the data
Author : Giuseppe Bertola
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.X/5 (4 download)
Download or read book Uncertainty and Consumer Durables Adjustment written by Giuseppe Bertola and published by . This book was released on 2002 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Anders Damgaard
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (129 download)
Download or read book Optimal Consumption and Investment Strategies with a Perishable and an Indivisible Durable Consumption Good written by Anders Damgaard and published by . This book was released on 2000 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the consumption and investment choice of an agent in a continuous-time economy with a riskless asset, several risky financial assets, and two consumption goods, namely a perishable and a durable good with an uncertain price evolution. Assuming lognormal prices and a multiplicatively separable, isoelastic utility function, we provide an explicit Merton-type solution for the optimal strategies for the case where the durable (and all other assets) can be traded without transaction costs. For the case where the durable good is indivisible, in the sense that durable trades imply transaction costs proportional to the value of the current durable holdings, we show analytically that the optimal durable trading strategy is characterized by three constants underline{z} lt; z* lt; overline{z}. As long as the ratio z of the total current wealth to the value of current durable holdings of the investor is in ( underline{z}, overline{z}), it is optimal not to trade the durable. At the boundaries of this interval it is optimal to trade the durable to attain z = z*. The model is used to examine the optimal substitution between perishable and durable consumption and the importance of the durable price uncertainty and the correlation between the price of the durable good and financial asset prices.
Author : Ben Bernanke
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.3/5 (9 download)
Download or read book Adjustment Costs, Durables, and Aggregate Consumption written by Ben Bernanke and published by . This book was released on 1982 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Previous tests of the permanent income hypothesis (PIH) have focused on either nondurables or durables expenditures in isolation. This paper studies consumer purchases of nondurables and durables as the outcome of a single optimization problem.It is shown that the presence of adjustment costs of changing durables stocks may substantially affect the time series properties of both components of expenditure under the PIH.However, econometric tests based on this model do not contradict earlier rejections of the PIH in aggregate quarterly data.
Author : Athanasios Orphanides
Publisher :
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.3/5 ( download)
Download or read book Optimal Consumption Dynamics with Non-concave Habit Forming Utility written by Athanasios Orphanides and published by . This book was released on 1993 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : John B. Taylor
Publisher : Elsevier
ISBN 13 : 9780444501578
Total Pages : 576 pages
Book Rating : 4.5/5 (15 download)
Download or read book Handbook of Macroeconomics written by John B. Taylor and published by Elsevier. This book was released on 1999-12-13 with total page 576 pages. Available in PDF, EPUB and Kindle. Book excerpt: Annotation Part 6: Financial Markets and the Macroeconomy. 19. Asset prices, consumption, and the business cycle (J.Y. Campbell). 20. Human behavior and the efficiency of the financial system (R.J. Shiller). 21. The financial accelerator in a quantitative business cycle framework (B. Bernanke, M. Gertler and S. Gilchrist). Part 7: Monetary and Fiscal Policy. 22. Political economics and macroeconomic policy (T. Persson, G. Tabellini). 23. Issues in the design of monetary policy rules (B.T. McCallum). 24. Inflation stabilization and BOP crises in developing countries (G.A. Calvo, C.A. Vegh). 25. Government debt (D.W. Elmendorf, N.G. Mankiw). 26. Optimal fiscal and monetary policy (V.V. Chari, P.J. Kehoe).
Author : Ansgar Linder
Publisher :
ISBN 13 :
Total Pages : 84 pages
Book Rating : 4.:/5 (166 download)
Download or read book Optimal Consumption/investment Strategies in the Presence of Transaction Costs written by Ansgar Linder and published by . This book was released on 2007 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Steven E. Shreve
Publisher :
ISBN 13 :
Total Pages : 77 pages
Book Rating : 4.:/5 (57 download)
Download or read book Optimal Investment and Consumption with Transaction Costs written by Steven E. Shreve and published by . This book was released on 1992 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: "A complete solution is provided to the infinite-horizon, discounted problem of optimal consumption and investment in a market with one stock, one money market (sometimes called a 'bond'), and proportional transaction costs. The utility function may be of the form c[superscript p]/p where p
Author : Robindra Nath Mukherjee
Publisher :
ISBN 13 :
Total Pages : 388 pages
Book Rating : 4.:/5 (177 download)
Download or read book Optimal Consumption and Portfolio Choices with Transaction Cost written by Robindra Nath Mukherjee and published by . This book was released on 1972 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mitsuaki Okabe
Publisher : Springer
ISBN 13 : 1349237213
Total Pages : 480 pages
Book Rating : 4.3/5 (492 download)
Download or read book The Structure of the Japanese Economy written by Mitsuaki Okabe and published by Springer. This book was released on 2016-07-14 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book illuminates the characteristics of the Japanese economy comprehensively and analyses how and why they have been changing. The contributors to this fifteen-paper volume are internationally-known and leading researchers of the Japanese economy. Following the overview chapter, the book covers such areas as the Japanese firm, the labour market, consumption and saving patterns, financial markets, macroeconomic policies and international economic relations.
Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
ISBN 13 : 1484339827
Total Pages : 49 pages
Book Rating : 4.4/5 (843 download)
Download or read book Uruguay written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2018-01-31 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper investigates the impact of exchange rate movements on private consumption in Uruguay. Uruguay is a highly dollarized economy, which makes the relationship between exchange rate movements and private consumption particularly complex. The paper shows that a large share of Uruguayan households is liquidity constrained, which allows the transitory real income shocks brought about by exchange rate pass-through to have a significant impact on consumption. Moreover, exchange rate pass-through is highly heterogenous, with relative prices of durables increasing (decreasing) following a depreciation (appreciation). This creates incentives for households to engage in intertemporal substitution where they buy durables when they are relatively cheaper. Data from Input–Output tables show that Uruguay produces a nontrivial amount of the tradable, durable goods it consumes, opening the door to contractionary depreciations. The results offer a potential explanation for the often noted ‘excess volatility of consumption’ in emerging markets for the case of Uruguay.
