haku: @author Yosha, O. / yhteensä: 10
viite: 3 / 10
| Tekijä: | Ostergaard, C. Sörensen, B.E. Yosha, O. |
| Otsikko: | Consumption and aggregate constraints: evidence from U.S. states and Canadian provinces |
| Lehti: | Journal of Political Economy
2002 : JUN, VOL. 110:3, p. 634-645 |
| Asiasana: | CONSUMPTION CANADA USA |
| Vapaa asiasana: | AGGREGATE CONSTRAINTS |
| Kieli: | eng |
| Tiivistelmä: | 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. The authors 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. |
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