지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
초록· 키워드
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This paper investigates the time-varying nature of the excess sensitivity of consumption to income. Using a recently proposed estimation method on time-varying parameter models, we have discovered that the excess sensitivity has been gradually decreased over the period of 1953 through 2006 in the US. One potential explanation for this finding is that the gradual developments and improvements in the financial system could have lessened liquidity constraints, such that consumers have become less restricted by their current income level.
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참고문헌 (13)
참고문헌 신청
Amato, J. / 2003 / Rule-of-thumb behavior and monetary policy / European Economic Review 47 : 791 ~ 831
Bacchetta, P. / 1997 / Consumption and credit constraints: International evidence / Journal of Monetary Economics 40 : 207 ~ 238
Baxter, M. / 1999 / Household production and the excess sensitivity of consumption to current Income / American Economic Review 89 : 902 ~ 920
Campbell, J.Y. / 1989 / Consumption, income, and interest rates: reinterpreting the time series evidence, In National Bureau of Economic Research Macroeconomics Annual / MIT Press : 185
Campbell, J.Y. / 1990 / Permanent income, current income, and consumption / Journal of Business and Economic Statistics 8 : 269 ~ 279
Bacchetta, P. / 1997 / Consumption and credit constraints: International evidence / Journal of Monetary Economics 40 : 207 ~ 238
Baxter, M. / 1999 / Household production and the excess sensitivity of consumption to current Income / American Economic Review 89 : 902 ~ 920
Campbell, J.Y. / 1989 / Consumption, income, and interest rates: reinterpreting the time series evidence, In National Bureau of Economic Research Macroeconomics Annual / MIT Press : 185
Campbell, J.Y. / 1990 / Permanent income, current income, and consumption / Journal of Business and Economic Statistics 8 : 269 ~ 279
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