| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w5991
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| 来源ID | Working Paper 5991
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| Are Countries with Official International Restrictions \"Liquidity Constrained?\" |
| Karen K. Lewis
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| 发表日期 | 1997-04-01
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| 出版年 | 1997
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| 语种 | 英语
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| 摘要 | In this paper, I empirically examine consumption smoothing behavior across a broad group of countries using a unique data set that indicates whether residents in a country face an official government restriction. I then ask whether the ex ante consumption movements among restricted countries differ from those of unrestricted countries. To gauge the departure from standard consumption smoothing, I use the Campbell and Mankiw (1989, 1991) approach of regressing consumption growth on income growth and instrumenting with lagged variables. Interestingly, I find that consumption growth for residents in countries that impose international restrictions has a significantly higher coefficient on income growth than for residents in countries without those restrictions. Thus, a greater proportion of consumers facing international restrictions appear to act as though they are liquidity constrained according to the Campbell and Mankiw approach. I also discuss alternative interpretations that do not depend upon liquidity constraints. |
| URL | https://www.nber.org/papers/w5991
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/563495
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推荐引用方式
GB/T 7714 |
Karen K. Lewis. Are Countries with Official International Restrictions \"Liquidity Constrained?\". 1997.
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文件名：
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w5991.pdf
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格式：
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Adobe PDF
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