haku: @indexterm STEADY STATE MODELS / yhteensä: 14
viite: 10 / 14
| Tekijä: | Molana, H. |
| Otsikko: | The time series consumption function: Error correction, random walks and the steady-state |
| Lehti: | Economic Journal
1991 : MAY, VOL. 101:406, p. 382-403 |
| Asiasana: | TIME SERIES CONSUMPTION RANDOM WALKS STEADY STATE MODELS SAVINGS HOUSEHOLD ECONOMICS |
| Kieli: | eng |
| Tiivistelmä: | Striking differences have been reported in the literature between the empirical implications of studies with Error Correction /EC/ and Random Walk /RW/ formalisms. While EC models heavily rely on the long-run features of the economy, the existing variants of the RW model fail to provide a thorough picture of the steady-state aspects of the consumption/saving allocation problem faced by households, and only focus on the properties of the optimal time path of consumption. It is important to have a theory which explains the short-run situation accurately and possesses consistent and meaningful long-run properties. This paper looks at this aspect of the problem. |
SCIMA