Permanent income hypothesis in visegrád countries
نویسندگان
چکیده
منابع مشابه
Testing for Stochastic Non- Linearity in the Rational Expectations Permanent Income Hypothesis
The Rational Expectations Permanent Income Hypothesis implies that consumption follows a martingale. However, most empirical tests have rejected the hypothesis. Those empirical tests are based on linear models. If the data generating process is non-linear, conventional tests may not assess some of the randomness properly. As a result, inference based on conventional tests of linear models can b...
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P ersonal consumption expenditures grew by almost 2 percent during 1993 in real, per-capita terms. Real disposable income per capita, meanwhile, actually fell slightly. By definition, households draw down their savings when consumption grows faster than income. In fact, the figures for consumption and income just mentioned underlie a decline in the personal savings rate from over 6 percent in t...
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According to the permanent income hypothesis with quadratic preferences, savings should react only to transitory income shocks, but not to permanent shocks. The problem is that income shock components are not separately observable. I show how the combination of income realizations with subjective expectations can help to identify separately the transitory and the permanent shock to income, thus...
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The permanent-income hypothesis (PIH) of Milton Friedman (1957) states that the agent saves in anticipation of possible future declines in labor income (John Y. Campbell, 1987). He also saves for precautionary reasons, and dissaves because of impatience. To justify the PIH in an intertemporal optimization framework, it has been conventional to assume both (i) quadratic utility, to turn off prec...
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Friedman’s contribution to the consumption literature goes well beyond the seminal permanentincome hypothesis. He conjectured that the marginal propensity to consume out of financial wealth shall be larger than out of ‘‘human wealth’’, the present discounted value of future labor income. I present an explicitly solved model to deliver this widely noted consumption property by specifying that th...
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ژورنال
عنوان ژورنال: E+M Ekonomie a Management
سال: 2014
ISSN: 1212-3609
DOI: 10.15240/tul/001/2014-4-002