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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w7046 |
来源ID | Working Paper 7046 |
Household Production and the Excess Sensitivity of Consumption to Current Income | |
Marianne Baxter; Urban J. Jermann | |
发表日期 | 1999-03-01 |
出版年 | 1999 |
语种 | 英语 |
摘要 | Empirical research on the permanent income hypothesis (PIH) has found that consumption growth is excessively sensitive to predictable changes in income. This finding is interpreted as strong evidence against the PIH. We propose an explanation for apparent excess sensitivity that is based on a quantitative equilibrium version of Becker's (1965) model of household production in which permanent income consumers respond to shifts in sectoral wages and prices by substituting work effort and consumption across home and market sectors. Although the PIH is true, this mechanism generates apparent excess sensitivity because market consumption responds to predictable income growth. |
主题 | Microeconomics ; Households and Firms ; Macroeconomics ; Macroeconomic Models |
URL | https://www.nber.org/papers/w7046 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/564567 |
推荐引用方式 GB/T 7714 | Marianne Baxter,Urban J. Jermann. Household Production and the Excess Sensitivity of Consumption to Current Income. 1999. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w7046.pdf(383KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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