| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1602 |
| DP1602 Equilibrium Unemployment | |
| Sérgio Rebelo; Joao Gomes; Jeremy Greenwood | |
| 发表日期 | 1997-03-27 |
| 出版年 | 1997 |
| 语种 | 英语 |
| 摘要 | We test for excess sensitivity of consumption to predicted income growth using a 1989?93 panel survey of Italian households that includes measures of subjective income and inflation expectations. These expectations provide a powerful instrument for predicting income growth. Controlling for the expected variance of consumption growth and for predictable changes in labour supply, we find that household consumption growth is very strongly correlated with predicted earnings growth of the head. We also find considerable evidence that excess sensitivity is due to liquidity constraints. Our strongest result is that in a sample of low-asset households the coefficient of expected income increases is one, while that of expected income declines is zero. |
| 主题 | International Macroeconomics |
| 关键词 | Euler equations Excess sensitivity Subjective expectations |
| URL | https://cepr.org/publications/dp1602 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530741 |
| 推荐引用方式 GB/T 7714 | Sérgio Rebelo,Joao Gomes,Jeremy Greenwood. DP1602 Equilibrium Unemployment. 1997. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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