Habit persistence and the marginal propensity to consume in Japan

被引：6
|
作者：
Pagano, P [1 ]
机构：
[1] Bank Italy, Res Dept, I-00184 Rome, Italy
来源：
JOURNAL OF THE JAPANESE AND INTERNATIONAL ECONOMIES | 2004年 / 18卷 / 03期
关键词：
consumption; GMM; habits;
D O I：
10.1016/j.jjie.2003.10.002
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper presents a simple growth model with habit-forming preferences and uses aggregate Japanese data to estimate the parameters of the resulting Euler equation. These estimates imply a very low marginal propensity to consume out of permanent income and a slow adjustment of consumption over time after a permanent shock. (C) 2003 Elsevier Inc. All rights reserved.
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页码：316 / 329
页数：14
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