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Consumption and Aggregate Constraints
Charlotte Ostergaard
Bent E. Sørensen
Oved Yosha
其他書名
Evidence from U.S. States and Canadian Provinces
出版
SSRN
, 2010
URL
http://books.google.com.hk/books?id=DLjfzwEACAAJ&hl=&source=gbs_api
註釋
State-level consumption exhibits excess sensitivity to lagged income to the same extent as U.S. aggregate data, but state-specific (idiosyncratic) consumption exhibits substantially less sensitivity to lagged state-specific income - a result that also holds for Canadian provinces. We propose the following interpretation: borrowing and lending in response to changes in consumer demand are easier for individual U.S. states than for the United States as a whole, and therefore, the measured deviation from the benchmark permanent income hypothesis model is smaller. However, lagged state-specific variables help predict state-specific consumption, suggesting that the PIH model still requires qualification.
