Survey data show that the expected growth rates of consumption
across countries vary widely and are not highly correlated. This
data contradicts the simplest of open-economy models in which there
is a freely traded non- state-contingent bond and purchasing power
parity holds. We explore two alternative explanations for the
finding: that households in each country in effect face different
ex ante real interest rates or that there are significant credit
constraints, so that expected consumption growth rates are driven
largely by expected income growth. The empirical evidence strongly
supports the latter hypothesis. These findings challenge the
modeling of consumption that is at the heart of many, if not most,
macroeconomic models.
General
| Imprint: |
Bibliogov
|
| Country of origin: |
United States |
| Release date: |
February 2013 |
| First published: |
February 2013 |
| Authors: |
Charles Engel
|
| Dimensions: |
246 x 189 x 3mm (L x W x T) |
| Format: |
Paperback - Trade
|
| Pages: |
54 |
| ISBN-13: |
978-1-288-72593-9 |
| Categories: |
Books >
Social sciences >
Politics & government >
General
|
| LSN: |
1-288-72593-0 |
| Barcode: |
9781288725939 |
Is the information for this product incomplete, wrong or inappropriate?
Let us know about it.
Does this product have an incorrect or missing image?
Send us a new image.
Is this product missing categories?
Add more categories.
Review This Product
No reviews yet - be the first to create one!
Welcome to Loot.co.za!
Sign in / Register |Wishlists & Gift Vouchers |Help | Advanced search
