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来源类型Working Paper
规范类型报告
DOI10.3386/w7046
来源IDWorking 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
URLhttps://www.nber.org/papers/w7046
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/564567
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Marianne Baxter,Urban J. Jermann. Household Production and the Excess Sensitivity of Consumption to Current Income. 1999.
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