| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w6466
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| 来源ID | Working Paper 6466
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| Consumption Demand |
| Orazio P. Attanasio
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| 发表日期 | 1998-03-01
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| 出版年 | 1998
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| 语种 | 英语
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| 摘要 | Consumption is the largest component of GDP. Since the 1950s, the life cycle and the permanent income models have constituted the main analytical tools to the study of consumption behavior, both at the micro and at the aggregate levels. Since the late 1970s the literature has focused on versions of the model that incorporate the hypothesis of Rational Expectations and a rigorous treatment of uncertainty. In this paper, I survey the most recent contribution and assess where the life cycle model stands. My reading of the evidence and of recent developments leads me to stress two points: (i) the model can only be tested and estimated using a flexible specification of preferences and individual level data; (ii) it is possible to construct versions of the model that are not rejected by the data. One of the main problems of the approach used in the literature to estimate preferences is the lack of a consumption function.' A challenge for future research is to use preference parameter estimates to construct such functions. |
| 主题 | Macroeconomics
; Consumption and Investment
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| URL | https://www.nber.org/papers/w6466
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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/563983
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推荐引用方式
GB/T 7714 |
Orazio P. Attanasio. Consumption Demand. 1998.
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文件名：
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w6466.pdf
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格式：
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Adobe PDF
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