haku: @indexterm DATA AGGREGATION / yhteensä: 17
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| Tekijä: | Goodfriend, M. |
| Otsikko: | Information-aggregation bias |
| Lehti: | American Economic Review
1992 : JUN, VOL. 82:3, p.508-519 |
| Asiasana: | TIME SERIES LIFE CYCLES BIAS STATISTICAL METHODS INFORMATION DATA AGGREGATION |
| Kieli: | eng |
| Tiivistelmä: | Aggregation in the presence of data processing lags distorts the information content of data, violating orthogonality restrictions that hold at the individual level. These restrictions implied by intertemporal optimization, rational expectations, and information processing need not hold under aggregation of randomly heterogeneous and imperfectly informed representative agents. Calculations show that information aggregation can seriously bias test of the life-cycle model on aggregate time series, cross section, and pooled-panel data. The phenomenon is illustrated for the life-cycle permanent-income model. |
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