The Interaction Between Time-Nonseparable Preferences and Time Aggregation (Classic Reprint)

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Publisher : Forgotten Books
ISBN 13 : 9780666260086
Total Pages : 80 pages
Book Rating : 4.2/5 (6 download)

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Book Synopsis The Interaction Between Time-Nonseparable Preferences and Time Aggregation (Classic Reprint) by : John Heaton

Download or read book The Interaction Between Time-Nonseparable Preferences and Time Aggregation (Classic Reprint) written by John Heaton and published by Forgotten Books. This book was released on 2018-02-24 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from The Interaction Between Time-Nonseparable Preferences and Time Aggregation There has been an extensive amount of work examining whether or not aggregate consumption. Expenditures are consistent 'with. The restrictions implied. By the permanent income hypothesis and consumption-based asset-pricing models. Often these studies find that the theory does not fit the datal. Because of these poor empirical results, many other studies relax some of the auxiliary assumptions made in previous studies. A closer examination of the assumption that the decision interval of economic agents matches the interval of data collection caused some authors to replace it with the assumption that the interval between data observations is larger than the actual decision interval. The result is a temporal aggregation problem that can often. Be allowed for in estimation and inference. For example. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

The Interaction Between Time-nonseparable Preferences and Time Aggregation

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Publisher :
ISBN 13 :
Total Pages : 198 pages
Book Rating : 4.:/5 (221 download)

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Book Synopsis The Interaction Between Time-nonseparable Preferences and Time Aggregation by : John Charles Heaton

Download or read book The Interaction Between Time-nonseparable Preferences and Time Aggregation written by John Charles Heaton and published by . This book was released on 1989 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Interaction Between Time-nonseparable Preferences and Time Aggregation

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Author :
Publisher : Palala Press
ISBN 13 : 9781379003625
Total Pages : 86 pages
Book Rating : 4.0/5 (36 download)

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Book Synopsis The Interaction Between Time-nonseparable Preferences and Time Aggregation by : John Heaton

Download or read book The Interaction Between Time-nonseparable Preferences and Time Aggregation written by John Heaton and published by Palala Press. This book was released on 2018-03-02 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.

The Interaction Between Time-Nonseparable Preferences and Time Aggregation

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Publisher : Palala Press
ISBN 13 : 9781342050557
Total Pages : 86 pages
Book Rating : 4.0/5 (55 download)

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Book Synopsis The Interaction Between Time-Nonseparable Preferences and Time Aggregation by : John Heaton

Download or read book The Interaction Between Time-Nonseparable Preferences and Time Aggregation written by John Heaton and published by Palala Press. This book was released on 2015-09-09 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.

The Interaction Between Time-nonseparable Preferences and Time Aggregaton [i.e. Aggregation]

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Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.:/5 (257 download)

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Book Synopsis The Interaction Between Time-nonseparable Preferences and Time Aggregaton [i.e. Aggregation] by : John Heaton

Download or read book The Interaction Between Time-nonseparable Preferences and Time Aggregaton [i.e. Aggregation] written by John Heaton and published by . This book was released on 1991 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Interaction Between Time-Nonseparable Preferences and Time Aggregaton (Classic Reprint)

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Publisher :
ISBN 13 : 9781332245734
Total Pages : 66 pages
Book Rating : 4.2/5 (457 download)

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Book Synopsis The Interaction Between Time-Nonseparable Preferences and Time Aggregaton (Classic Reprint) by : John Heaton

Download or read book The Interaction Between Time-Nonseparable Preferences and Time Aggregaton (Classic Reprint) written by John Heaton and published by . This book was released on 2015-08-05 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from The Interaction Between Time-Nonseparable Preferences and Time Aggregaton In this paper I develop and empirically analyze a continuous-time, linear-quadratic, representative consumer model in which the consumer has time-nonseparable preferences of several forms. Within this framework I show how time aggregation and time nonseparabilities in preferences over consumption streams can interact. I show that the behavior of both seasonally adjusted and unadjusted consumption data is consistent with a model of time-nonseparable preferences in which the consumption goods are durable and in which individuals develop habit over the flow of services from the good. The presence of time nonseparabilities in preferences is important because the data does not support a version of the model that focuses solely upon time aggregation and ignores time nonseparabilities in preferences by making preferences time additive. Many helpful comments and suggestions were made by Edward Allen, Toni Braun, John Cochrane, George Constantinides, Martin Eichenbaum, Ayman Hindy, Chi-fu Huang, Narayana Kocherlakota, Robert Lucas, Robin Lumsdaine, Masao Ogaki, Chris Phelan, Paul Romer, Karl Snow, Grace Tsiang, Kei-Mu Yi and and participants of workshops at Chicago, Carnegie-Mellon, Duke, Harvard, M.I.T., Minnesota, Northwestern, Princeton, Queen's, Rochester, Stanford, Toronto, Western Ontario, Wharton and Yale. I would especially like to thank three referees for their very detailed and helpful comments and suggestions and Lars Peter Hansen for his many suggestions and his constant encouragement. I gratefully acknowledge financial support from the Greentree Foundation, the National Science Foundation, the Sloan Foundation and the Social Science and Humanities Research Council of Canada. This paper is a revised version of my University of Chicago Ph.D. dissertation. Any errors are of course my own. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Recursive Models of Dynamic Linear Economies

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Publisher : Princeton University Press
ISBN 13 : 0691180733
Total Pages : 418 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis Recursive Models of Dynamic Linear Economies by : Lars Peter Hansen

Download or read book Recursive Models of Dynamic Linear Economies written by Lars Peter Hansen and published by Princeton University Press. This book was released on 2018-07-10 with total page 418 pages. Available in PDF, EPUB and Kindle. Book excerpt: A guide to the economic modeling of household preferences, from two leaders in the field A common set of mathematical tools underlies dynamic optimization, dynamic estimation, and filtering. In Recursive Models of Dynamic Linear Economies, Lars Peter Hansen and Thomas Sargent use these tools to create a class of econometrically tractable models of prices and quantities. They present examples from microeconomics, macroeconomics, and asset pricing. The models are cast in terms of a representative consumer. While Hansen and Sargent demonstrate the analytical benefits acquired when an analysis with a representative consumer is possible, they also characterize the restrictiveness of assumptions under which a representative household justifies a purely aggregative analysis. Hansen and Sargent unite economic theory with a workable econometrics while going beyond and beneath demand and supply curves for dynamic economies. They construct and apply competitive equilibria for a class of linear-quadratic-Gaussian dynamic economies with complete markets. Their book, based on the 2012 Gorman lectures, stresses heterogeneity, aggregation, and how a common structure unites what superficially appear to be diverse applications. An appendix describes MATLAB programs that apply to the book's calculations.

Understanding Consumption

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Publisher : Clarendon Press
ISBN 13 : 0191521639
Total Pages : 256 pages
Book Rating : 4.1/5 (915 download)

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Book Synopsis Understanding Consumption by : Angus Deaton

Download or read book Understanding Consumption written by Angus Deaton and published by Clarendon Press. This book was released on 1992-10-08 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an overview of the recent research on saving and consumption, a field in which substantial progress has been made over the last decade. Attempts by economists to understand saving and consumption patterns have generated some of the best science in economics. For more than fifty years, there has been serious empirical and theoretical activity, and data, theory, and policy have never been separated as has happened in many branches of economics. Research has drawn microeconomists interested in household behaviour, as well as macroeconomists, for whom the behaviour of aggregate consumption has always occupied a central role in explaining aggregate fluctuations. Econometricians have also made distinguished contributions, and there has been a steady flow of new methodologies by those working on saving and consumption, in time-series econometrics, as well as in the study of micro and panel data. A coherent account of these developments is presented here, emphasizing the interplay between micro and the macro, between studies of cross-section and panels, and those using aggregate time series data.

Rational Expectations Econometrics

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Publisher : CRC Press
ISBN 13 : 1000308960
Total Pages : 294 pages
Book Rating : 4.0/5 (3 download)

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Book Synopsis Rational Expectations Econometrics by : Lars Peter Hansen

Download or read book Rational Expectations Econometrics written by Lars Peter Hansen and published by CRC Press. This book was released on 2019-09-05 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the core of the rational expectations revolution is the insight that economic policy does not operate independently of economic agents' knowledge of that policy and their expectations of the effects of that policy. This means that there are very complicated feedback relationships existing between policy and the behaviour of economic agents, and these relationships pose very difficult problems in econometrics when one tries to exploit the rational expectations insight in formal economic modelling. This volume consists of work by two rational expectations pioneers dealing with the "nuts and bolts" problems of modelling the complications introduced by rational expectations. Each paper deals with aspects of the problem of making inferences about parameters of a dynamic economic model on the basis of time series observations. Each exploits restrictions on an econometric model imposed by the hypothesis that agents within the model have rational expectations.

Handbook of Macroeconomics

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Publisher : Elsevier
ISBN 13 : 9780444501578
Total Pages : 576 pages
Book Rating : 4.5/5 (15 download)

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Book Synopsis Handbook of Macroeconomics by : John B. Taylor

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).

Exploring General Equilibrium

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Publisher : MIT Press
ISBN 13 : 0262514095
Total Pages : 361 pages
Book Rating : 4.2/5 (625 download)

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Book Synopsis Exploring General Equilibrium by : Fischer S. Black

Download or read book Exploring General Equilibrium written by Fischer S. Black and published by MIT Press. This book was released on 2010-05-21 with total page 361 pages. Available in PDF, EPUB and Kindle. Book excerpt: An incisive, unconventional assessment of general equilibrium theory; with a previously unpublished paper. Fischer Black is known for his brilliance as well as his sometimes controversial opinions. Highly respected for his scholarly writings in finance, he now moves into different territory with this incisive, unconventional assessment of general equilibrium theory and what that theory reveals about business cycles, growth, and labor economics. The general equilibrium approach, Black asserts, can be used to explain most of the economy's behavior. It can explain business cycles and growth without using sticky prices, irrationality, economies of scale, or imperfect competition. It can explain the volatility of consumption, output, sales, investment, and inventories with axiomatic utility and constant-returns-to-scale production. It can explain temporary layoffs, job changes with and without intervening unemployment, and the behavior of vacancies. It can explain lower wages in part-time jobs, wages that increase rapidly with time on the job, and the forces that cause migration from poor to rich countries. Although the general equilibrium approach can't be tested in conventional ways, it can be used to generate examples that explain stylized facts—generalized observations from the real world—that have preoccupied macroeconomists for the last decade. Black contrasts his interpretation of these facts with conventional interpretations. Finally, he reviews a substantial body of literature on these topics.

Introduction to Dynamic Macroeconomic General Equilibrium Models [Second Edition]

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Publisher : Vernon Press
ISBN 13 : 1622739760
Total Pages : 282 pages
Book Rating : 4.6/5 (227 download)

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Book Synopsis Introduction to Dynamic Macroeconomic General Equilibrium Models [Second Edition] by : José L. Torres

Download or read book Introduction to Dynamic Macroeconomic General Equilibrium Models [Second Edition] written by José L. Torres and published by Vernon Press. This book was released on 2020-10-06 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers an introductory step-by-step course in Dynamic Stochastic General Equilibrium (DSGE) modelling. Modern macroeconomic analysis is increasingly concerned with the construction, calibration and/or estimation and simulation of DSGE models. The book is intended for graduate students as an introductory course to DSGE modelling and for those economists who would like a hands-on approach to learning the basics of modern dynamic macroeconomic modelling. The book starts with the simplest canonical neoclassical DSGE model and then gradually extends the basic framework incorporating a variety of additional features, such as consumption habit formation, investment adjustment cost, investment-specific technological change, taxes, public capital, household production, non-ricardian agents, monopolistic competition, etc. The book includes Dynare codes for the models developed that can be downloaded from the book’s homepage. The second edition is identical to the first with the exception of a revised appendix to Chapter 2. The revised appendix can be downloaded free of charge in the accompanying downloads section.

A. W. H. Phillips: Collected Works in Contemporary Perspective

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Publisher : Cambridge University Press
ISBN 13 : 0521571359
Total Pages : 535 pages
Book Rating : 4.5/5 (215 download)

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Book Synopsis A. W. H. Phillips: Collected Works in Contemporary Perspective by : Alban William Housego Phillips

Download or read book A. W. H. Phillips: Collected Works in Contemporary Perspective written by Alban William Housego Phillips and published by Cambridge University Press. This book was released on 2000-08-03 with total page 535 pages. Available in PDF, EPUB and Kindle. Book excerpt: Virtually all of contemporary macroeconomics is underpinned by a Phillips curve of one variety or another; yet most of this literature displays a curious neglect of the theoretical dynamic stabilisation perspective provided by A. W. H. Phillips. This 2000 volume collected for the first time the major work of one of the great economists, integrating Phillips's empirical work with his theoretical contribution. In addition to twelve substantive chapters, twenty-nine economists including Lawrence Klein, James Meade, Thomas Sargent, Peter Phillips, David Hendry, William Baumol, Richard Lipsey and Geoffrey Harcourt highlight and interpret Phillips's ongoing influence. This volume also contains six of Phillips's previously unpublished essays, four of which were thought to have been lost. The fifth such essay (Phillips's second empirical Phillips curve) was previously an informal working paper of which few copies circulated, and the sixth essay is a forerunner of the Lucas Critique written by Phillips shortly before his death.

Advances in Econometrics: Volume 2

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Publisher : Cambridge University Press
ISBN 13 : 9780521566094
Total Pages : 434 pages
Book Rating : 4.5/5 (66 download)

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Book Synopsis Advances in Econometrics: Volume 2 by : Christopher A. Sims

Download or read book Advances in Econometrics: Volume 2 written by Christopher A. Sims and published by Cambridge University Press. This book was released on 1996-03-07 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 1994 two-volume set of articles reflects the state of research in theoretical and applied econometrics. The topics covered include time series methods, semiparametric methods, seasonality, financial economics, model solution techniques, economic development and labour economics.

Robustness

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Publisher : Princeton University Press
ISBN 13 : 0691170975
Total Pages : 453 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis Robustness by : Lars Peter Hansen

Download or read book Robustness written by Lars Peter Hansen and published by Princeton University Press. This book was released on 2016-06-28 with total page 453 pages. Available in PDF, EPUB and Kindle. Book excerpt: The standard theory of decision making under uncertainty advises the decision maker to form a statistical model linking outcomes to decisions and then to choose the optimal distribution of outcomes. This assumes that the decision maker trusts the model completely. But what should a decision maker do if the model cannot be trusted? Lars Hansen and Thomas Sargent, two leading macroeconomists, push the field forward as they set about answering this question. They adapt robust control techniques and apply them to economics. By using this theory to let decision makers acknowledge misspecification in economic modeling, the authors develop applications to a variety of problems in dynamic macroeconomics. Technical, rigorous, and self-contained, this book will be useful for macroeconomists who seek to improve the robustness of decision-making processes.

Time Non-separable Utility in Life-cycle Consumption and Portfolio Choice

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Publisher :
ISBN 13 :
Total Pages : 394 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Time Non-separable Utility in Life-cycle Consumption and Portfolio Choice by : Joseph P. Lupton

Download or read book Time Non-separable Utility in Life-cycle Consumption and Portfolio Choice written by Joseph P. Lupton and published by . This book was released on 2002 with total page 394 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Advances in Econometrics: Volume 1

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Publisher : Cambridge University Press
ISBN 13 : 9780521566100
Total Pages : 334 pages
Book Rating : 4.5/5 (661 download)

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Book Synopsis Advances in Econometrics: Volume 1 by : Christopher A. Sims

Download or read book Advances in Econometrics: Volume 1 written by Christopher A. Sims and published by Cambridge University Press. This book was released on 1996-03-07 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first of a two-volume set of articles reflecting the current state of research in econometrics.