| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2971 |
| DP2971 From Sectoral to Functional Urban Specialization | |
| Gilles Gilles Duranton; Diego Puga | |
| 发表日期 | 2001-09-26 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | State-level consumption exhibits excess sensitivity to lagged income to the same extent as US aggregate data, but state-specific (idiosyncratic) consumption exhibits substantially less sensitivity to lagged stste-specific income - a result that also holds for Canadian provinces. We propose the following interpretation: borrowing and lending in response to changes in consumer demand is easier for an individual US state than it is for the US as a whole. The PIH may thus be a good model for describing the reaction of consumption to idiosynctratic disposable income shocks even if it fails at the aggregate US level. Further analysis, centered on the persistence of income shocks and on the consumption/income ratio, is consistent with this interpretation but suggests that the PIH still requires qualification. We contrast our results with tests of full inter-state risk sharing. |
| 主题 | International Macroeconomics |
| 关键词 | Consumption Excess sensitivity Permanent income Risk sharing Us states Canadian provinces Regional macroeconomics Excess smoothness |
| URL | https://cepr.org/publications/dp2971 |
| 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/532002 |
| 推荐引用方式 GB/T 7714 | Gilles Gilles Duranton,Diego Puga. DP2971 From Sectoral to Functional Urban Specialization. 2001. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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