We present a new empirical strategy for testing if financial integration improves risk sharing opportunities and consumption smoothing. Our test is based on a decomposition of the variance of consumption growth into a component that depends on the variance of permanent income shocks and one that depends on the variance of transitory shocks. We then test if the process of financial market integr...

The Response of Consumption in Russian Households to Economic Shocks This paper examines the extent to which consumption in Russian households responds to exogenous income shocks. During the time period studied in this paper (1994 – 1998), Russia experienced two major economic crises. Both featured extreme movements in the real ruble-dollar exchange rate. The price of oil, which is typically th...

Acoustic shocks have been previously documented in high-amplitude jet noise, including both the near and far fields of military jet aircraft. However, previous investigations into the nature and formation of shocks have historically concentrated on stationary, ground run-up measurements, and previous attempts to connect full-scale ground run-up and flyover measurements have omitted the effect o...

By using the household data on food consumption, income and other social indicators including activity status, age, literacy, place of residence employment, and marital status, this paper aims to investigate the transitory impact of temporary and permanent income shocks on food consumption in Iran over the period 2009-2014. To study the deterministic effects of the household on food consumption...

There is a literature that examines the statistical properties of earnings dynamics by testing heterogeneous growth against random walk. This test is of great consequence because rejection of heterogeneous growth has often been interpreted as rejection of a key role for heterogeneity in human capital investment over the life-cycle. This paper shows that optimal life-cycle investment behavior im...

the current paper is an outlook toward lexical aspect and its types exist as a semantic parameter in verb and indicate trend of doing task of verb in terms of continuance, iteration, duration etc. although discourse aspect is considered as independent factor in verb morphology, but the resultant syntactic reflection does not solely corresponds to grammatical aspect; instead, it includes lexical...

This study examines the time series behaviour of housing prices series for 69 cities in China. The general housing price index, the index of newly constructed buildings and the price index of second hand buildings from 2005:7 to 2010:12 are examined. The univariate fractionally integrated models are employed in order to determine whether shocks to the variables have transitory or permanent effe...

Using four rounds of panel household data from the Kagera region of Tanzania, we show that transitory income shocks – measured by the value of crop lost by farming households – lead to significantly increased child labor. A one standard deviation increase in the shock is associated with a 10% increase in mean child working hours. Moreover, we find that households with collateralizable assets – ...

The traditional view of growth and fluctuations implies that aggregate demand shocks result in only transitory departures from trend or “normal” output, which is determined exclusively by aggregate supply factors. Using a simple dynamic framework for a less-developed economy, a series of models is developed to show that aggregate demand can have a permanent effect on economic growth. It is show...