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| Author: | Jappelli, T. Pistaferri, L. |
| Title: | Using subjective income expectations to test for excess sensitivity of consumption to predicted income growth |
| Journal: | European Economic Review
2000 : FEB, VOL. 44:2, p. 337-358 |
| Index terms: | INCOMES EXPECTATIONS GROWTH |
| Language: | eng |
| Abstract: | The authors test for precautionary saving and excess sensitivity of consumption to predicted income growth using a 1989-1993 panel survey of Italian households that has measures of subjective income and inflation expectations. These expectations provide a powerful instrument for predicting income growth. The empirical specification controls for predictable changes in labor supply and allows a fairly general specification for the stochastic structure of the forecast error. |
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