摘要:

This paper presents time series evidence on the importance of liquidity constraints in aggregate consumption expenditures. In contrast to previous studies, I find the proportion of consumption attributable to liquidity constrained behavior to be large and highly statistically significant. The estimation pays careful attention to the problems of stochastic consumption and temporal aggregation, and the estimates are shown to be robust to alternative specifications involving costly adjustment of consumption, public spending, and to stochastically varying rates of return.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1992.tb01540.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

Income uncertainty contributes substantially to explaining the fall in consumption that marks the onset of the Great Depression. Consistent estimates of the variance of income measure income uncertainty from 1921‐30 and are produced using a linear moment model. This series provides a statistical link between the large erratic swings in income uncertainty after September 1929 and the Great Crash in the stock market. Comparison of the behavior of income uncertainty in the 1920s to the pre‐World War I and post‐World War II eras suggests that the experience after the Great Crash was historically u

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1992.tb01541.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

This paper investigates the effect of marginal tax rates on the level of economic activity. Data from sixty‐three countries for the period 1970‐84 provide support for Koester and Kormendi's method of estimating marginal tax rates for individual countries. However, their conclusion that increases in marginal tax rates have negative effects on the level of economic activity is not robust when we extend the time period from 1970‐79 to 1970‐84. Further, even for Koester and Kormendi's own data set, the negative relation does not hold when the sample is disaggregated into industrial countries and low‐income

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1992.tb01542.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

Does imperfect competition increase the magnitude of business cycles? If so, the variability of an industry's employment and output should be positively related to the market power of firms in that industry. This paper demonstrates that the opposite is true: U.S. manufacturing industries with high price‐cost margins display less employment variability than do low‐markup industries. These high‐markup industries display less price variability as well. Highly concentrated industries, however, do display more employment variability. To some degree, markups may reflect labor hoarding rather than market power; this may account for part, but not all, of the negative correlation between markups and variab

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1992.tb01543.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

Five macroeconomic concepts are presented which are prominent in the business sections of newspapers, but which are not given equivalent prominence in macroeconomic textbooks. These are the discouraged worker phenomenon, the use of inventories in forecasting, the effect of changes in the money supply on the bond market, and the effects of inflation and nominal interest rates in the foreign exchange market. These concepts are presented via news clips illustrating the way they typically appear in the press. Instructors are urged to place extra emphasis on these concepts.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1992.tb01544.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY