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Author: Orazio P. Attanasio
Publisher:
ISBN:
Category : Consumption (Economics)
Languages : en
Pages : 28
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Book Description
The theory of intertemporal choice predicts that the cross-sectional variance of the marginal utility of consumption is equal to its own lag plus a constant and a random component. Using general preference specifications and some assumptions about the nature of the random component, we provide an explicit test of this hypothesis. Our approach circumvents the necessity to identify a pure age profile of the cross-sectional variance of consumption and yields a well-specified statistical test. This test is applied to data from the United States, the United Kingdom and Italy. The results are remarkably consistent with the restrictions implied by the theory of intertemporal consumption choices.
Author: Orazio P. Attanasio
Publisher:
ISBN:
Category : Consumption (Economics)
Languages : en
Pages : 28
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Book Description
The theory of intertemporal choice predicts that the cross-sectional variance of the marginal utility of consumption is equal to its own lag plus a constant and a random component. Using general preference specifications and some assumptions about the nature of the random component, we provide an explicit test of this hypothesis. Our approach circumvents the necessity to identify a pure age profile of the cross-sectional variance of consumption and yields a well-specified statistical test. This test is applied to data from the United States, the United Kingdom and Italy. The results are remarkably consistent with the restrictions implied by the theory of intertemporal consumption choices.
Author: Orazio P. Attanasio
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Compiled by the British Library of Political and Economic Science
Publisher: Psychology Press
ISBN: 9780415284011
Category : Economics
Languages : en
Pages : 708
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Book Description
IBSS is the essential tool for librarians, university departments, research institutions and any public or private institution whose work requires access to up-to-date and comprehensive knowledge of the social sciences.
Author:
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 512
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Book Description
Author: Michael G. Papaioannou
Publisher: Emerald Group Publishing
ISBN: 1849506027
Category : Business & Economics
Languages : en
Pages : 586
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Book Description
Contains original papers that examine various issues concerning the role, the structure and functioning of credit, currency and derivatives instruments and markets as they relate to financial crises. This title stresses the importance of the inter-linkages of these instruments and markets in promoting or hindering financial stability or crises.
Author: Tullio Jappelli
Publisher: Oxford University Press
ISBN: 0199383154
Category : Business & Economics
Languages : en
Pages : 313
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Book Description
In The Economics of Consumption, Tullio Jappelli and Luigi Pistaferri provide a comprehensive examination of the most important developments in the field of consumption decisions and evaluate economic models against empirical evidence.
Author: Susan Athey
Publisher:
ISBN:
Category : Industrial organization
Languages : en
Pages : 54
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Book Description
Author: Olivier J. Blanchard
Publisher: Economic and Social Reseach Institute (ESRI)
ISBN:
Category : Business & Economics
Languages : en
Pages : 66
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Book Description
Abstract: This paper starts from two sets of facts about Continental Europe. The first is the steady increase in unemployment since the early 1970s. The second is the evolution of the capital share, an initial decline in the 1970s, followed by a much larger increase since the mid-1980s. The paper then develops a model of capital accumulation, unemployment and factor prices. Using this model to look at the data, it reaches two main conclusions: The initial increase in unemployment, from the mid-1970s to the mid-1980s, was mostly due to a failure of wages to adjust to the slowdown in underlying factor productivity growth. The initial effect was to decrease profit rates and capital shares. Over time, the reaction of firms was to reduce capital accumulation and move away from labor, leading to a steady increase in unemployment, and a recovery of the capital share. The reason why wage moderation, clearly evident in the data since the mid-1980s, has not led to a decrease in unemployment is that another type of shift has been at work, this time on the labor demand side. At a given wage and a given capital stock firms have steadily decreased employment. The effect of this adverse shift in labor demand has been to lead to both continued high unemployment, and increasing capital shares. What lies behind this shift in labor demand? There are two potential lines of explanation. The first is shifts in the distribution of rents away from workers, for example, the elimination of chronic excess employment by firms. The second explanation points to technological bias: firms in Continental Europe are introducing technologies biased against labor and towards capital.
Author: Daniel S. Hamermesh
Publisher:
ISBN:
Category : Fear of crime
Languages : en
Pages : 42
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Book Description
Two striking facts describe work timing in the United States: a lower propensity to work evenings and nights in large metropolitan areas, and a secular decline in such work since 1973. One explanation is higher and possibly increasing crime in large areas. I link Current Population Survey data on work timing to FBI crime reports. Neither fact is explained by changes in nor inter-area differences in crime rates, but higher homicide rates do reduce such work. This reduction implicitly costs the economy between $4 and $10 billion. This negative externality illustrates a larger class of previously unmeasured costs of social pathologies.
Author: National Bureau of Economic Research
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 340
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Book Description
