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CHRISTOPHER D. CARROLL MISUZU OTSUKA JIRI SLACALEK 《Journal of Money, Credit and Banking》2011,43(1):55-79
This paper presents a simple new method for measuring “wealth effects” on aggregate consumption. The method exploits the stickiness of consumption growth (sometimes interpreted as reflecting consumption “habits”) to distinguish between immediate and eventual wealth effects. In U.S. data, we estimate that the immediate (next quarter) marginal propensity to consume from a $1 change in housing wealth is about 2 cents, with a final eventual effect around 9 cents, substantially larger than the effect of shocks to financial wealth. We argue that our method is preferable to cointegration‐based approaches, because neither theory nor evidence supports faith in the existence of a stable cointegrating vector. 相似文献
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JÖRG DÖPKE JONAS DOVERN ULRICH FRITSCHE JIRI SLACALEK 《Journal of Money, Credit and Banking》2008,40(7):1513-1520
We estimate the Sticky Information Phillips Curve model of Mankiw and Reis (2002) using survey expectations of professional forecasters from four major European economies. Our estimates imply that inflation expectations in France, Germany, and the United Kingdom are updated about once a year, while in Italy, about once each 6 months. 相似文献
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