| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1768 |
| DP1768 Strategic Behaviour and Price Discovery | |
| Xavier Vives; Luis Angel Medrano | |
| 发表日期 | 1997-12-19 |
| 出版年 | 1997 |
| 语种 | 英语 |
| 摘要 | If some consumers are liquidity-constrained, aggregate consumption should be ?excessively sensitive? to credit conditions as well as to income. Moreover, the ?excess sensitivity? may vary over time. Using data for Canada, France, Japan, the United Kingdom and the United States, we find a substantial impact of credit aggregates on consumption in all countries considered. Moreover, the borrowing/lending wedge is a significant determinant of consumption in Canada, Japan and the United States. Using extended Kalman filtering techniques, we show that excess sensitivity varies over time, with a clear tendency to decline in the United States. |
| 主题 | International Macroeconomics |
| 关键词 | Consumption Credit Kalman filter Liquidity constraints |
| URL | https://cepr.org/publications/dp1768 |
| 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/530910 |
| 推荐引用方式 GB/T 7714 | Xavier Vives,Luis Angel Medrano. DP1768 Strategic Behaviour and Price Discovery. 1997. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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